Russia Develops Centralized Monitoring Platform To Combat Illegal Financial Activities

According to Odaily, the Russian Central Bank is collaborating with the financial monitoring agency Rosfinmonitoring to develop a centralized monitoring platform aimed at identifying and preventing illegal financial activities, including over-the-counter (OTC) cryptocurrency transactions. This platform will integrate information on abnormal transactions, utilizing AI data analysis and real-time monitoring to proactively identify high-risk accounts. The data will be shared with banks to mitigate risks. In 2023, the volume of illegal transactions through personal accounts in Russia reached 44.9 billion rubles (approximately $491 million). Major banks such as Sber and VTB are supporting this initiative. The platform will also include a dispute resolution mechanism to protect the rights of legitimate users. However, there is currently no specified launch date for the platform.