Bank of Russia asks commercial banks to block suspicious crypto accounts and wallets
He advised commercial banks to identify and block the wallets, cards and accounts of those who engage in fraudulent activity by following the set of criteria issued by the CBR.
* According to CBR, these shady businesses could even include listed crypto exchanges in addition to illegal currency traders and financial pyramids.
* The central bank has particularly focused on transactions between private individuals, as there have been cases of people using false names.
Some of the important recommendations made by the CBR to identify and remove suspicious accounts and businesses are:
* Russian banks should analyze and identify suspicious transactions and terminate such services as part of anti-money laundering efforts.
* According to Bitcoin.com, CBR has listed the following activities as of concern:
– 30 cash deposits and withdrawals in one day.
– Large number of recipients or payers, more than 10 per day or 50 per month.
– Frequent transactions in the amount of at least 100,000 Russian rubles per day or 1 million rubles per month.
– Deposits and withdrawals within one minute.
* Accounts that are not used to pay utility bills will or will pay for goods and services will be considered suspicious and even blacklisted.
* Commercial banks were also asked to consider cases where the average balance remaining at the end of the day does not exceed 10% of the average transaction volume in a week.
* Transactions that meet at least two of the above criteria would also be put under the radar.
* CBR asked commercial banks to track the digital activities of these suspicious account holders and even identify the devices in use
* CBR opposed the legalization of cryptocurrencies and related activities.
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