Dubious transactions in banking sector decrease by 26% in 2020
Positive changes include a reduction in both cash-out transactions in the banking and other sectors (30% less than in 2019) and operations having signs of money withdrawal abroad (-20%). Moreover, the decrease in money transfers abroad was primarily due to a decline in the amount of services and securities transactions.
‘Our efforts to ensure the transparency in the financial sector is a top priority for the Bank of Russia. This work is carried out on a continuous basis, jointly with financial market participants. Despite the specifics of 2020, we have not stopped this work’, stressed Dmitry Skobelkin, Deputy Governor of the Bank of Russia.
More information on the volume and structure of dubious transactions and sectors that generated demand for shadow financial services is available in the analytical commentary of the Bank of Russia.