Banks to tighten control over sources of funds in large cash deposits: Bank of Russia recommendations
The Bank of Russia recommends that credit institutions pay closer attention to transactions involving customers depositing large amounts of cash, which may be carried out for the legalisation (laundering) of criminally obtained incomes and other unlawful purposes.
Banks are advised to analyse customer transactions on a daily basis, paying special attention to the criteria set out for transactions conducted by both individuals and legal entities (individual entrepreneurs).
These criteria will not apply to individuals for whom credit institutions have documented information about their financial position, business reputation, and the origin of funds and/or other assets.
The approaches proposed by the Bank of Russia are in line with the FATF1 Recommendations, which place particular emphasis on identifying the sources of funds as part of customer due diligence procedures.