The Central Bank of Russia has published updated recommendations advising credit institutions to identify the sources of funds when processing large cash transactions to help detect potential money laundering. The document incorporates and supersedes earlier recommendations on funds from unidentified sources. It follows previous advice to analyse customer transactions daily and scrutinise large cash deposits. The measures cover, for example, individual cash deposits of RUB 5 million or more, either in a single transaction or cumulatively over a month. They also address transactions atypical of a company’s business or an individual’s usual payment patterns. The central bank describes the scope as a narrow customer segment, without affecting bona fide individuals. The recommendations clarify source of funds checks within customer due diligence, consistent with Financial Action Task Force principles.
Central Bank of Russia updates guidance on identifying sources of funds in large cash transactions
The Central Bank of Russia recommends source of funds checks for large cash transactions, including individual deposits of at least RUB 5 million, singly or cumulatively over a month. The updated guidance also addresses transactions inconsistent with customers’ usual activity and supersedes earlier recommendations on funds from unidentified sources.