cross-posted from: https://scribe.disroot.org/post/12313509

[Original in Russian. This is an automated and paraphrased translation.]

Russian financial intelligence needs to strengthen control over “suspicious” financial transactions in the market, Russian President Vladimir Putin said at a celebration dedicated to the 25th anniversary of Rosfinmonitoring, the Federal Service for Financial Monitoring of the Russian Federation.

According to Putin, the Russian financial system is threatened by foreign criminal groups and foreign special services. They use various tools, including cryptocurrencies and other payment mechanisms, to “cover up shadow settlements” and involve young people in illegal activities.

"Your [Rosfinmonitoring's] task is to see, as they say, at distant posts, before they cause real damage, and to do this, effectively use financial intelligence tools, more actively introduce advanced analytical models and artificial intelligence technologies,” he said.

The Russian authorities are systematically tightening financial regulation, which leads to massive blocking of bank transfers and cards of Russians, increasing the complexity of crypto turnover and restrictions on the use of foreign currency.

In September, Rosfinmonitoring proposed to introduce a new basis for blocking bank accounts of citizens: operations are going to be suspended if the data of the bank’s client coincides with information about the person whose funds were frozen. Access to money is expected to be restored in five days, unless a decision is made to extend the restrictions.

In the summer, Putin signed a law allowing banks to suspend customer remittances for up to six hours if they appear suspicious.

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