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Russia’s money laundering watchdog monitoring crypto to ruble transactions

Rosfinmonitoring has informed the Russian parliament that it is paying close attention to transactions involving the conversion of crypto to rubles.
Russia’s Federal Financial Monitoring Service, or Rosfinmonitoring — the country’s Anti-Money Laundering body — is policing crypto to fiat transactions.The federal executive body responsible for AML oversight made this known while addressing the members of parliament on Tuesday, according to a report by Russian news agency Regnum.In a meeting with members of the State Duma Committee on the Financial Market, Herman Neglyad, deputy chief of Rosfinmonitoring revealed that thAML watchdog was working with commercial banks to police crypto to fiat transactions, stating:“Banks have already begun to pay attention to exchange operations, that is, when they see that an operation has come after the exchange of virtual assets for hard currency, they have already begun to evaluate them and actually inform us about these operations.”According to another Rosfinmonitoring spokesperson, the AML agency and the central bank are developing a framework to track suspicious crypto to fiat transactions.As a federal executive body, Rosfinmonitoring reports directly to Russian President Vladimir Putin. Indeed, the agency’s remarks before parliament are coming on the heels of President Putin urging Rosfinmonitoring to pay special attention to illegal cross-border cryptocurrency transfers.Investigations into the nature of crypto to fiat transactions in Russia are only the latest in a string of tightened cryptocurrency laws in the country. Following a December 2020 decree signed by President Putin, public officials have to declare their crypto …
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