The Central Bank of Russia has recommended that credit institutions step up scrutiny of customers depositing large amounts of cash, warning that such transactions may be used to legalise criminal proceeds or for other unlawful purposes. Banks are advised to analyse customer transactions on a daily basis and apply the criteria set out for transactions conducted by individuals, legal entities and individual entrepreneurs. The criteria would not apply to individuals where a bank has documented information on the customer’s financial position, business reputation, and the origin of funds or other assets. The central bank said the proposed approach is aligned with FATF Recommendation 1, which places particular emphasis on identifying the source of funds as part of customer due diligence.
Central Bank of Russia2026-05-21
Central Bank of Russia urges banks to review large cash deposit transactions daily for money laundering risks
The Central Bank of Russia has recommended that credit institutions increase scrutiny of customers depositing large cash amounts, citing money laundering and other unlawful risks. Banks should conduct daily transaction analysis and apply specified criteria for individuals, legal entities and individual entrepreneurs, with exemptions where the customer’s financial position, reputation and source of funds are documented. The central bank said the approach aligns with Financial Action Task Force Recommendation 1 on identifying the source of funds.