Crypto to Fiat Transactions is set to be monitored by Russian AML Body

By: Henry Felix

Crypto to Fiat Transactions is set to be monitored by Russian AML Body

March 29, 2021 5:10 AM

In a recent meeting at the State Duma Committee on financial markets, Neglyad the Deputy of Russia AML body revealed that crypto transactions will be monitored.


Russian anti-money laundering body deputy Herman Neylyad has revealed that his organization will be monitoring crypto transactions involving crypto to fiat conversion.


Regnum, a Russian news portal said banks are already cooperating with the anti-money laundering body.


Neglyad said that "Banks are already keeping tabs on exchange operations, which means that when they notice any transactions involving crypto for fiat, they analyze them and notify us of these operations."


The Rosfinmonitoring official added that the AML body with the Central Bank of Russia will be introducing a separate code. This will differentiate a group of such questionable transactions.


However, the AML body deputy statement on the country's intentions to monitor crypto to ruble conversions comes just after President, Vladimir Putin voiced his concern over what he called an illegal transfer of crypto across the border." The Russian President asserted that the increasing number of criminals using these digital assets, which justifies the increased monitoring.


Meanwhile, it is still unclear if Neglyads comments are linked to the Russian leader remarks on the illegal use of digital financial assets in cross-border transactions. According to the Regnum report, the State Duma Committee meeting was held in preparation for the report of the Russian parliament.


Russia had made various attempts in a bid to regulated cryptocurrencies. In September 2020, the Russian governments unveiled a strict sanction on defaulters who fail to reveal their crypto holdings over a specific limit.