Russian Anti-Money Laundering Body Will Monitor Crypto to Fiat Transactions, Speaks Official


Herman Neglyad, the deputy of the Russian anti-money laundering body, Rosfinmonitoring, has held his organization will screen cryptocurrency transactions that include the conversion from crypto to fiat. Neglyad made this expose during a new meeting of the State Duma Committee on financial markets.

Banks Previously Cooperating

Rendering to a Russian news site, Regnum, the anti-money laundering body is previously receiving cooperation from banks.

Neglyad says ‘Banks have previously started to pay attention to exchange operations, that is, when they see that a process has come after the exchange of virtual assets for hard currency, they have previously started to evaluate them & inform us about these operations,’.

Also, the Rosfinmonitoring authorized adds that his organization, together with the country’s central bank will present ‘a distinct code, distinguishing a separate group of such doubtful transactions, that is, to additional orient traditional financial institutions to this problem.’

Temporarily, Neglyad’s comments about Russia’s intention to monitor crypto to ruble transactions shadow recent comments by the country’s President, Vladimir Putin. As stated by News, President Putin has voiced his anxiety over what he termed “illegal cross-border transfers of cryptocurrencies.” The Russian front-runner adds that criminal rudiments were ‘progressively using these digital financial assets, & this defensible increased monitoring.’

Russia’s Push to Control Cryptocurrencies

Over the historical few years, the Russian nation-state has contended with the question of how to regulate cryptocurrency usage in the country. In Sept. 2020, the country planned harsh penalties for individuals that fail to reveal cryptocurrency holdings in extra of a certain threshold. In Feb. 2021, News reported that a bill knowing cryptocurrencies as the property had progressed in the Russian parliament.

In the interim, it is not clear if Neglyad’s remarks are related to President Putin’s previous comments. Though, the Regnum report says the State Duma Committee meeting at which Neglyad rod had been held “in groundwork for the report of the Russian government.”


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