Russia

Russia’s Anti-Money Laundering Agency is Closely watching Crypto to Ruble Transactions

Amid the tight cryptocurrency regulations in Russia, the country is currently monitoring crypto to ruble transactions. The country’s regulatory body overseeing anti-money laundering (AML) affairs revealed this in a Parliamentary meeting. Also, this comes days after the Russian president Vladmir Putin called for closer scrutiny on illegal cross-border transfers of digital assets.

On March 17, Putin revealed that Russia needs to take extra measures to eliminate the illicit transfers of digital currency into the country. Afterwards, he called for a keener investigation of cross-border transactions involving digital assets.

Therefore, the country’s anti-money laundering body announced on Tuesday that the country is monitoring processes involving the exchange of crypto for Ruble. The deputy chief of the regulatory body, Herman Neglyad, said that the regulator has partnered with commercial banks to supervise crypto/fiat transactions.

Russian Anti-Money Laundering Partners with Banks

Neglyad continued that banks are starting to deeply scrutinize several exchanges’ operations. He said that the regulatory body has also partnered with the central bank to bring about a solid structure for tracking dubious transactions. Both banks will evaluate and report any operation involving the exchange of cryptocurrency for fiat money, said Neglyad.

This comes after a report revealed that Russia’s dark web criminals are going the extra length to covertly cash out crypto. The report was from a crypto investigator who claimed that Russia vendors are now hiding cash underground where they can be located by customers. However, the challenge they have is how to remove any link to their identity, he added.

Owning digital assets in the country is not a crime. However, cryptocurrencies are not accepted as legal tender in the country. The strict crypto regulation of the country was due to the proliferation of criminal activities related to digital currencies. Russia is also considering taxing cryptocurrency transactions.

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