Russia’s Central Bank and Federal Financial Monitoring Service unveil pilot of fiat-crypto tracking system

Odaily Odaily News Since 2023, Russia has been trying to track cryptocurrency transactions and their sources. The Bank of Russia and the Russian Federal Financial Monitoring Service (Rosfinmonitoring) revealed that there is currently a system that allows private banks to track the connection between fiat-based transactions and cryptocurrency businesses. The announcement was made at the "Current Anti-Money Laundering/Counter-Terrorist Financing Issues" forum organized by Rosfinmonitoring, which also disclosed that the pilot started in 2023 and five large credit institutions are working with Rosfinmonitoring. It is expected to last until April next year, but it can also be extended. Ilya Bushmelev, director of project portfolio management at Rosfinmonitoring partner Innotech, said the pilot may help banks establish "know your crypto customers" and "know your crypto transactions" procedures, and noted that the system may be useful for compliance and regulatory purposes. (Bitcoin.com)