The amount of cash-out transactions decreased by 25% to ₽27.8 billion in the first half of 2024, as calculated by the Bank of Russia.
These dynamics were largely caused by more than a 50% reduction in the amount of cash-out transactions with payment cards of legal entities and individual entrepreneurs (IEs) and by a 75% decrease in the amount of such transactions on the basis of writs of execution.
Transactions having signs of money withdrawal abroad were down by 32% to ₽8.4 billion.
The most significant demand for shadow financial services was still recorded in construction, services, and trade.
The KYC Platform contributed to the reduction in suspicious transactions. Over the two years of its operation, banks have prevented the withdrawal of more than ₽130 billion into the shadow economy. Since July 2024, in accordance with legislation, the tax authorities have been excluding from the Unified State Register of Legal Entities and the Unified State Register of Individual Entrepreneurs the legal entities and IEs classified as high-risk by both banks and the Bank of Russia. The regulator submitted information about over 70,000 such companies and IEs to the Federal Tax Service of Russia.