Cbank has no plans to control retail transfers with new reports

MOSCOW, Dec 27 (PRIME) -- The Russian central bank has no intent to control all banking transactions of households after introducing a new reporting system, the bank said in a statement on Monday, when  RBC reported that the bank distributed a new reporting form to demand information about all transactions between households, including personal details.

"The work conducted by the Bank of Russia and the credit organizations does not envisage total control over household transactions and is aimed at identification of the risk zones connected with the use of payment cards and cryptocurrency purses issued to fake individuals by cryptocurrency exchange offices, online casinos and unscrupulous financial market participants for transactions with the Russian citizens,” the regulator said. “This work will not affect small business either."

The central bank said that the bank will collect anonymized data from the banks servicing households only if there is a risk of their platforms’ use by illegal casinos and bookmakers.

“We are talking about abuses – large sums paid to the same recipients within a few hours, when it is clear that these are not usual transfers used by the households or small business, but a clear attempt at illegal operations,” the bank said.

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