Central Bank of Russia reports 21% fall in suspicious transactions in 2024 to RUB 90 billion

The Central Bank of Russia published analytical material showing the volume of suspicious transactions fell by 21% in 2024, dropping to RUB 90 billion from RUB 113 billion. The decline exceeded the reductions recorded in 2022 and 2023 (5% and 12%, respectively). Transactions with signs of money withdrawal abroad decreased by 17% to RUB 25.6 billion, largely involving advance payments for imports where goods were not subsequently imported; the value of such schemes fell by a third, although the share of suspicious transfers to non-residents for goods allegedly purchased in Russia without crossing the border increased. Illegal cash-out transactions declined by 22% to RUB 64.2 billion, with such transactions using companies’ and individuals’ payment cards down by more than half. The Bank linked banks’ effectiveness in countering money laundering and terrorist financing partly to online monitoring tools and risk detection on its Know Your Customer Platform, including a public company risk-check service launched in October 2024 that has been used more than 200,000 times.