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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ME News message: On May 20 (UTC+8), Alexei Yakovlev, Director of the Financial Policy Department of the Russian Ministry of Finance, revealed that the revised cryptocurrency regulatory bill, in the second reading stage, will add provisions granting the Bank of Russia the authority to require that anti-money laundering (AML) services for crypto transactions follow specific compliance standards.

The proposed provisions stipulate that AML service platforms must ensure that cryptocurrency wallet transactions in Russia comply with domestic regulations, while also assessing Russia’s wallet image abroad from an international perspective to understand foreign views of Russia’s crypto system. In addition, the relevant platforms must keep internal operations of Russia’s financial infrastructure confidential and must not disclose them externally.

At present, the bill “Digital Currency and Digital Rights” has completed its first reading and is undergoing revisions for the second reading. (Source: MLion)

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