The Bank of Russia wants to expand the anti-money laundering ban on the creation of new companies – Rosbalt

In Russia, the heads of companies that will be classified in the “red” zone after the launch of the new anti-money laundering platform of the Central Bank of the Russian Federation may lose the opportunity to immediately start a new business, RBC reports.

As the agency notes, earlier the head of the financial monitoring department of the Central Bank of the Russian Federation, Ilya Yasinsky, suggested that State Duma deputies finalize the legislation and, in any case, deprive such leaders of the opportunity to create new legal entities or become sole executive bodies in companies for three years.

As RBC recalls, from July 1 this year, a new anti-money laundering platform “Know Your Client” (KYC) should be launched in Russia, which involves the participation of the Central Bank in assessing bank customers for involvement in dubious transactions. Legal entities and individual entrepreneurs (IEs) will be divided into three groups by banks and the Central Bank at the same time, depending on the degree of risk of violation of anti-money laundering norms.

At the same time, according to the Central Bank, 99% of Russian companies in the event of the launch of the KYC platform will fall into the low-risk group, and the share of clients from the “red” zone does not exceed 0.7%.

We also add that at the end of October last year, Russian banks expressed concerns about the proposals of the Central Bank of the Russian Federation to expand the number of grounds for revoking licenses from credit institutions in connection with the planned operation of the Know Your Client anti-money laundering platform. This was stated in a letter from the Association of Banks of Russia (ADB) addressed to Anatoly Aksakov, head of the RF State Duma committee on financial markets.