The Central Bank has published amendments to regulation 375-P, which relate to signs of suspicious transactions. The list of such signs now contains more than 100 items: if the client's actions fall under certain items, the Bank has grounds to suspend or refuse to conduct transactions, and in the extreme case to terminate the contract with such a client.
The list of criteria for unusual transactions has not been updated over the past eight years, i.e. since the provision was introduced in 2012. The relevant indicators were developed over the course of the year in order to eliminate outdated and add new schemes for performing unusual operations, taking into account the current development of the financial market and the General digitalization of banking services technologies.
The document is currently undergoing a regulatory impact assessment procedure. The head of the Central Bank, Elvira Nabiullina, said a year ago that some signs of questionable transactions that banks have to pay attention to are already outdated. She noted that under the new approach, the number of grounds for refusing to conduct operations should be significantly reduced.
WHAT THE CENTRAL BANK WANTS TO CHANGE:
The new list is not exhaustive, told RBC representative of the Central Bank: "Credit institutions may add its own criteria that are specific to them, given the scale, the specificity and nature of the activities of the credit institution, the nature made by the clients operations and associated level of risk of legalization (laundering) of criminal incomes".