AK&M 23 September 2024 12:01
You can check the integrity of your business on the “Know your Customer” platform from October 1. The Bank of Russia will open a service that will allow, upon request, to obtain background information on whether an individual entrepreneur (IE) or a legal entity on the specified platform belongs to a high-risk group of suspicious transactions. This was announced by the Central Bank.
You can check both your own risk level and the risk level of third parties, including potential and existing counterparties. This will reduce the risks of interaction with unscrupulous companies, the regulator notes.
If the company or Sole proprietors do not agree that they are in the “red zone” on the KYC platform, they can apply to the Bank of Russia for a review of this decision. This can only be done by those customers to whom their bank has not applied restrictive measures under the “anti-money laundering” legislation. If such measures are already being applied, the company or sole proprietor, as before, may contact The Interdepartmental Commission at the Bank of Russia via the Internet reception.
The KYC platform has been fully operational since mid-2022. The Bank of Russia, based on its own analytical data and according to a set of criteria, distributes banking clients — legal entities and sole proprietors — into three risk groups: low, medium and high. To date, 96.8% of clients belong to the low—risk group, 1.9% – medium and 1.3% — high.
The information of the KYC platform is auxiliary for banks, they independently assess the integrity of their clients’ business from the point of view of “anti-laundering” legislation.
This post was originally published on here
