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Central Bank of the Russian Federation strengthens monitoring of transactions

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The Bank of Russia is developing a whole management scheme and control financial turnover of the population. In addition to restrictions on investing in cryptocurrency and tracking transfers between banks and exchanges, the Central Bank intends to request reporting on transactions between bank cards.

The regulatory decision has not yet been finalized. Measures are only being negotiated with market participants so far. However, in the words of many experts in the banking sector, it only takes time to make a decision.

So far, the Bank of Russia advises banks to reduce the volume of interbank transfers, or conduct them through a controlled fast payment system (FPS).

To confirm the initiative to regulate transactions, the Central Bank created a survey in which banks must answer several questions: what restrictions and limits are set for transactions between bank cards, tracking tools and parameters for monitoring payments, mechanisms for monitoring and detecting “drop-transactions”, a database on violators and the amount of transaction fees received by the bank. Market participants in the provision of banking services must respond to the Central Bank survey by October 18 this year.

The anti-dropper program was initiated by the Bank of Russia back in 2018. A dropper is a citizen who makes a chain of unauthorized transactions in order to withdraw stolen funds. To reduce the number of bank transfers from card to card, which can serve as part of the traffic of illegal funds, the Central Bank will create recommendations to prevent the shadow turnover of funds.

However, this idea may not appeal to either banks or, moreover, individuals. For the banking sector, this means a significant reduction in earnings by reducing the flow of interbank transfers, as well as an additional obligation to monitor transactions. For individuals, the damage is obviously much worse. Every day the chain of regulatory pressure continues to narrow. Now we are talking again about another item of surveillance of private life. Russia is implementing total control over the population of the Chinese format, only, for now, without the digital ruble.

Some banks have already commented on the Central Bank’s initiative. So, for the QIWI payment system, and the bank of the same name, as well as for VTB Bank, the number of services provided for the population will not change. Institutions are confident in their system for monitoring C2C and P2P transactions. But some still have to refuse transfers from card to card. The operator of the SS “Zolotaya Korona” has already announced that in the light of the events that have taken place, they will be forced to close card-to-card transfers.

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Posted by Ed Miscavige, crypto-daily.news Crypto News Analyst

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