The Central Bank of Russia, in collaboration with Rosfinmonitoring, is spearheading a significant initiative to curb unauthorized over-the-counter trading of cryptocurrencies and other illicit financial activities. They are developing a monitoring system to target shadow transactions within banking systems, particularly focusing on individuals aiding suspicious transactions through personal accounts. The platform aims to deter activities like fund withdrawals for illegal businesses, online gambling, and unregulated virtual currency exchanges. By proactively regulating personal accounts using artificial intelligence and analytical data, the system will swiftly detect new suspicious transactions at an individual level. This approach differs from traditional KYC systems by identifying threats preemptively and sharing high-risk individual details among participating banks. The Central Bank also addresses the challenge of cashing out through accounts by excluding flagged individuals from accessing banking services. Despite concerns about false positives, the Central Bank is working on safeguards to protect users. This initiative reflects Russia's tightening regulations on cryptocurrency, with plans to ban mining in certain regions from 2025. Read more AI-generated news on: https://app.chaingpt.org/news