The Central Bank of Russia published methodological recommendations aimed at reducing risks from money mules and shell companies whose corporate cards are used by shadow businesses such as online casinos, cryptocurrency exchange offices, pyramid schemes and drug dealers. The guidance calls on credit institutions to strengthen detection and control of related payment flows. Banks are recommended to analyse transfers between individuals’ card accounts and the accounts linked to shell companies’ corporate cards, in both directions, and to introduce online monitoring to promptly identify money mules and shell companies. The recommendations also advise checking whether clients have counterparties that previously sent wire transfers to money mules and, where risk is confirmed, limiting the number and amounts of certain transactions for transferring funds and depositing cash into the client’s account, including outside business hours. The new recommendations supplement existing Central Bank of Russia guidance on countering money laundering and the financing of terrorism.
Central Bank of Russia 2025-06-04
Central Bank of Russia issues methodological recommendations for banks to monitor money mule and shell company corporate card activity
The Central Bank of Russia issued methodological recommendations to mitigate risks from money mules and shell companies linked to illicit activities. The guidance urges banks to enhance detection and control of payment flows, analyze transfers involving shell companies, and implement online monitoring. These recommendations supplement existing measures against money laundering and terrorism financing.