The Bank of Russia has reported a significant drop in suspicious transactions for 2024, down 21% from the previous year. The amount decreased from ₽113 billion to ₽90 billion, representing a more substantial decline compared to the 5% and 12% reductions observed in 2022 and 2023, respectively.
Transactions with signs of money withdrawal abroad saw a 17% decrease, amounting to ₽25.6 billion. These transactions largely consisted of advance payments for imports without actual goods being imported into Russia. Such schemes have decreased by a third; however, there has been an increase in suspicious transfers to non-residents for supposedly purchased goods from Russia without them crossing the border.
Illegal cash-out transactions also fell by 22%, to ₽64.2 billion. Transactions carried out using company and individual payment cards experienced a more significant reduction, falling by more than half.
The decline is attributed in part to banks’ ability to combat the laundering of criminally obtained income and the financing of terrorism. This effectiveness stems from the development of tools enabling online monitoring of suspicious transactions and the quick identification of risks on the Know Your Customer Platform.
Since October 2024, the Bank of Russia has offered a service allowing users to verify if a company is considered high risk on the Platform. This service has gained popularity among businesses, being utilized over 200,000 times since its launch.
The findings are part of the Bank of Russia’s ongoing efforts to enhance financial security within the country.
