Suspicious transactions decrease by 12% in 2023
Compared to 2022, the illegal capital outflow declined by 15% to ₽31 billion, and cash-outs in all industries — by 11% to ₽82.5 billion.
Besides, there was a 21% reduction in cash-outs beyond the banking sector (through the ‘sale’ of cash by retailers, tourism companies, and payment agents). By using the Know Your Customer platform and implementing targeted measures, banks were able to decrease cash-outs from legal entities’ payment cards three times.
The amount of suspicious transactions under enforcement documents was reduced threefold. In addition, the use of cash-out schemes through notaries’ accounts and labour dispute commissions’ decisions was decreased to the minimum.
More details are available in the analytical commentary of the Bank of Russia.