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

Russia has been trying to track cryptocurrency transactions and their sources since 2023. The Bank of Russia and the Russian Federal Financial Monitoring Service (Rosfinmonitoring) revealed that a system currently exists that allows private banks to track the connection between fiat-based transactions and cryptocurrency businesses. The announcement was made at the "Current AML/CFT Issues" forum organized by Rosfinmonitoring, which also revealed 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 that the pilot may help banks establish "know your crypto customer" and "know your crypto transaction" procedures, noting that the system may be useful for compliance and regulatory purposes. (Bitcoin.com)