KYC platform of the Bank of Russia Single system of reliability assessment of clients of banks

2020: Creation of the platform

On June 10, 2020 it became known of creation of the Central Bank of the Russian Federation of the IT platform which will allow banks to receive reliability assessment of clients within a single system. The new solution under the name KYC is going to start at the end of 2021 or at the beginning of the 2022nd, the head of the regulator Elvira Nabiullina reported during joint sitting of committees on financial market, on the budget and taxes, on economic policy, the industry, the innovative development and an entrepreneurship, on control and the regulations on preparation for consideration of the annual report of the Bank of Russia by the State Duma for 2019.

In response to complaints of business we created the system of rehabilitation of the companies which were included in the so-called black list. It works, but it, of course, it is not enough. Therefore now we work on the project, the special KYC platform which will allow banks to address a single system and to receive reliability assessment of the client, not to carry out the analysis completely, – Nabyullina told and called this platform "long-awaited".

The Bank of Russia creates the IT platform for reliability assessment of clients of banks

Operations on identification and customer research and also counteraction to doubtful transactions demand from banks of big costs. To avoid these costs, some banks sometimes refuse at once provision of services to the small and medium enterprises, Nabyullina said.

According to Elvira Nabiullina, the policy of the Bank of Russia in the field of counteraction to laundering of income gained in the criminal way, and to financing of terrorism allowed to reduce significantly volumes of doubtful transactions in the Russian financial system.

We together with Rosfinmonitoring actively implement that legislation which was accepted on fight against doubtful transactions … Just outflow on doubtful transactions sharply fell. Certainly, there are periodically some new schemes therefore we should be on the alert, these new schemes to stop — she reported.[1]

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