Bank of Russia’s first release of suspicious transaction value and structure assessment

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The assessment is based on the information from the Bank of Russia Financial Monitoring and Foreign Exchange Control Department about the revealed suspicious transactions carried out by credit institutions and their customers.

Such information is supposed to be updated on a regular basis to improve communication with regulated entities.

Furthermore, the regulator intends to improve communication through a new approach to cooperation with credit institutions, and hold regular meetings with senior bank officials in charge of financial monitoring to discuss the approaches to revealing and barring suspicious transactions in the banking and other sectors of the economy. The meetings are supposed to provide credit institution representatives with information about new suspicious transaction patterns and behavioural models of bank customers, and deliver recommendations on countering suspicious transactions. The Bank of Russia will post information about the dates, time and venues of such meetings on its website.

3 May 2018

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