Bank of Russia to monitor P2P transfers to curb bitcoin exchangers

The Bank of Russia will collect de-identified customer data where there is a risk of use of banking platforms for illegal operations by cryptocurrency exchangers, online casinos and bookmakers. Prime writes, citing the regulator’s press service.

“We plan to collect de-identified data from those banks that provide P2P payment services linked to accounts opened under fictitious individuals and wallets of cryptocurrency exchanges, online casinos and unscrupulous actors in the financial market,” the central bank said.

The new reporting will not affect other individuals’ transactions.

“In other words, these are abuses — enormous sums in hours directed at the same recipients, when it is clear that these are not ordinary payments used by citizens or small businesses, but an obvious attempt to conduct illegal operations,” the Bank of Russia explained.

For some credit institutions, if risks are identified, anonymised registers of those individuals’ transfers that meet certain criteria may be requested.

“The information identifying individuals will not be requested,” the Bank of Russia concluded.

Earlier, RBC reported that the Bank of Russia circulated to credit institutions a new form for reporting transfers between individuals. The form indicates that the regulator will request information on all transfers between individuals, including the personal data of senders and recipients of funds.

As Reuters reported on December 16, citing two sources, the Bank of Russia wants to ban Russians from investing in cryptocurrencies due to the risk of financial instability.

In September, the regulator said it planned to develop a mechanism to block payments to cryptocurrency exchanges and exchangers. Among the restriction options is blocking card transfers by certain MCC-codes.

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