Banks will block suspicious digital ruble transactions under new anti-laundering rules.
The Bank of Russia will oversee and freeze suspicious digital ruble transactions if needed.
Anti-money laundering regulations for the digital ruble take effect in January 2025.
The Russian State Duma is developing a bill to apply anti-money laundering measures to the digital ruble platform. According to the State Duma Committee on Financial Markets, it is time to adopt the bill that would allow banks to block suspicious transactions. Once approved, the bill will take effect on January 1, 2025.
The bill was introduced in March by deputies and senators led by Anatoly Aksakov. The digital ruble is a new form of national currency intended to modernize Russiaâs financial system.
Central Bank Takes On Major Role
The bill proposes a multi-level anti-money laundering model for the digital ruble platform. The Central Bank of Russia will play a key role in this model, enforcing anti-money laundering measures and monitoring transactions. Users will fall into three risk groups, and the bank can freeze funds in suspicious cases. If requested by Rosfinmonitoring, the Central Bank âŠ
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