The Central Bank of Russia has recommended that the country’s commercial banks step up monitoring of user transactions that could be aimed at circumventing “the Central Bank’s special economic measures to counter the outflow of foreign currency abroad.”
The recommendation includes greater oversight of cryptocurrency trading.
The regulator recommended that banking organizations pay closer attention to cases of “unusual behavior” by their customers. This includes “abnormal” transaction activity and unusual spending patterns. Any withdrawals through digital currencies should also attract increased attention.
If necessary, suspicious transactions should be blocked and information about them passed to the Federal Financial Monitoring Service (Rosfinmonitoring).
Special measures to limit the outflow of foreign currency were taken in the early days of the war in Ukraine and the ensuing economic sanctions.