⚡️Russia🇷🇺: The Central Bank has requested information from banks regarding the verification of payers.

⚡️Russia🇷🇺: The Central Bank has requested information from banks regarding the verification of payers.

This entails confirming the alignment of actual activities with assigned MCC codes. Credit organizations will be required to report to the regulator during the first half of April.

➡️ A bit of terminology: The MCC code (Merchant Category Code) is a four-digit number used to classify points of sale that accept credit card payments online or through POS terminals. The acquiring bank, responsible for processing the payments, assigns this number to categorize card transactions. The correlation between the MCC and OKVED frequently conceals the true nature of the payment. The verification initiated by the Central Bank of Russia involves unraveling such a correlation, particularly for specific organizations.

➡️ It is becoming evident within the banking sector... Circumstances have begun to become complex after the annulment of the "Qiwi" license on February 21. However, according to the "Kommersant" newspaper, after the terrorist attack in "Crocus", the regulator's attention could focus on p2p transfers: indeed, many schemes rely on payments conducted through various intermediaries, rendering them "de facto" anonymous.

➡️ Representatives of the Central Bank emphasize that, for the time being, no restrictions are under consideration in this segment... However, "for now", as we are aware, can imply various possibilities...

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