On October 1, 2024, the Bank of Russia will launch a service that allows users to request and obtain reference information on whether the Know Your Customer (KYC) Platform classifies an individual entrepreneur or a legal entity as a party with a high risk of involvement in suspicious transactions.
Users can check both their own risk level and that of third parties, including existing and potential contracting parties. This aims to reduce risks associated with working with bad-faith companies.
If a company or an individual entrepreneur disagrees with being included in the 'red zone' on the KYC Platform, they may request the Bank of Russia to reconsider the decision. However, this option is available only to customers who have not been subject to anti-money laundering measures by their bank. If such measures have already been taken, they may contact the Interagency Commission under the Bank of Russia via the Online Reception as before.
The KYC Platform has been fully functioning since mid-2022. The Bank of Russia uses its own analytical data and various criteria to classify bank customers (legal entities and individual entrepreneurs) into three risk groups: low-, medium-, and high-risk. To date, 96.8% of customers are classified as low-risk, 1.9% as medium-risk, and 1.3% as high-risk.
The information on the KYC Platform is provided to banks for reference purposes. Banks independently assess whether their customers act in good faith concerning anti-money laundering legislation.
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