The Central Bank of Russia plans to obtain AML service supervision authority, requiring a balance between domestic compliance and international perspectives

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Deep Tide TechFlow News, May 20th, according to Bits.media, Russia’s Financial Policy Department Director Alexei Yakovlev revealed that the ongoing revision of the cryptocurrency regulation bill will add provisions in the second reading stage, authorizing the Russian Central Bank to impose compliance requirements on anti-money laundering (AML) review services for crypto transactions. According to the proposed content, AML service platforms must ensure that transactions involving Russian crypto wallets comply with domestic laws and regulations, and also need to evaluate the image of Russian wallets abroad from an "international perspective" to understand how the outside world views the Russian crypto system.

Meanwhile, relevant platforms must keep the internal operational mechanisms of Russia’s financial infrastructure confidential and are not allowed to disclose them externally. Currently, the bill "Digital Currency and Digital Rights" has completed its first reading and is undergoing revisions for the second reading.

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