⬆️ Russia 🇷🇺: Updates on the digital ruble and its integration into anti-money laundering legislation

⬆️ Russia 🇷🇺: Updates on the digital ruble and its integration into anti-money laundering legislation

Compliance with AML/CFT regulations will be jointly monitored by commercial banks and the regulator, according to a law passed by the Federation Council on May 20.

➡️ The initial draft of the bill placed anti-money laundering oversight solely in the hands of the Central Bank. However, the final version adopts a hybrid approach.

➡️ Banks will remain responsible for verifying customer identities when opening digital ruble accounts, identifying users with restricted access to the platform, and fulfilling their obligations in anti-money laundering efforts.

➡️ The integration of various financial institutions will be phased in gradually. As of July 2025, systemically important banks will be required to provide services on the digital ruble platform. By July 2026, universally licensed banks will follow.

➡️ Commercial businesses will also transition to the digital ruble in stages: starting with companies generating annual revenues above 30 million rubles, followed by those earning more than 20 million, and eventually the rest.

➡️ The law introduces a universal QR code to streamline digital ruble transfers from individuals to businesses or self-employed professionals as a payment method for goods and services.

➡️ Notably, the Bank of Russia has confirmed that digital ruble payments will be supported through banking mobile apps and other digital banking platforms. The official rollout date will be announced by the Central Bank in due course.

#news #Russia #crypto

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