😱 Russia🇷🇺: Rosfinmonitoring seeks access to SBP and “Mir” payment system data to fight money laundering

😱 Russia🇷🇺: Rosfinmonitoring seeks access to SBP and “Mir” payment system data to fight money laundering

The debate over financial privacy is back in the spotlight: Russia’s Federal Financial Monitoring Service (Rosfinmonitoring) has proposed a bill that would grant it direct access to data from the Fast Payment System (SBP) and the “Mir” national payment system. The stated goal is to strengthen efforts against illicit financial flows.

➡️ As expected, the proposal is justified by the argument of preventing terrorism financing.

➡️ Data sharing would take place in cooperation with NSPK (the operator of the “Mir” system), which is currently not integrated into Russia’s national anti-money laundering framework.

➡️ The request protocol, response time, data volume, and content would be defined through a specific agreement.

➡️ Who benefits? According to the bill’s explanatory note, these changes will reduce the burden on banks, as they will no longer have to submit large amounts of data continuously to the regulator.

#news #Russia #financialprivacy

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