Global: Bank of Russia tests KYC platform with credit institutions

The Central Bank of Russia has announced it started testing Know Your Customer platform together with 40 banks so far.

The testing will be conducted until the end of March 2022 and, starting of 1 July 2022, the information platform should become available to all credit institutions.

According to the CBR online platform, the regulator will start informing credit institutions across the country about the levels of risks they are exposed to as being involved with their clients (both individual entrepreneurs and Russian legal entities) in suspicious transactions.

In the first stage of the programme, credit institutions (banks) can test the processes related to the integration and navigate through the anti-money laundering procedures before adopting the regulations.

The new platform launched by CBR aims to reduce regulatory burden on bona fide entrepreneurs and shift its focus towards countering suspicious transactions.