The Central Bank will recommend banks to strengthen the verification of the source of cash from customers

The Bank of Russia will issue updated recommendations for banks to verify the sources of cash origin from customers. This was announced by the head of the financial monitoring and currency control service of the regulator Bogdan Shablya at the International Banking Forum.

There (in the document. – Kommersant) will be physicists, and legalists, and depositing funds into accounts, and activities during conversion operations. That is, they (measures. – Kommersant) will be complex, said Bogdan Shablya (quoted by Interfax).

To strengthen control, the Bank of Russia intends to amend 115 Federal Law “On combating the legalization (laundering) of proceeds from crime and the financing of terrorism”. The regulator will present them soon, Bogdan Shablya added. “The main risk is the use of credit institutions in the legalization of cash of unidentified origin,” he explained. Such sources include wholesale and retail markets and illegal crypto exchanges.

From February to July, the volume of cash in the Russian economy grew by almost 2.5 trillion rubles. The greatest demand for banknotes this year was recorded in April and July – 678.7 billion rubles and 618.4 billion rubles. The Central Bank called the growth of demand for cash natural and associated it with disruptions in the mobile Internet and tax changes.