Digital ruble transactions will now be subject to anti-money laundering (AML) compliance measures. Monitoring of these transactions will be carried out by either commercial banks or the Bank of Russia, which operates the digital ruble platform. The choice between these two entities depends on whether users send orders for digital ruble transactions through a bank or directly to the operator.
This dual approach is outlined in a law approved by the Federation Council. Banks will continue their role in customer identification when opening digital ruble accounts, detecting customers whose access to the platform should be restricted, and performing other AML functions they currently manage.
In developing the digital ruble platform, the Bank of Russia has focused on improving the customer experience. Both individuals and businesses can make payments using digital rubles via common mobile banking apps and other remote banking systems, maintaining usual communication with banks.
The digital ruble represents the digital form of Russia's national currency. The Bank of Russia is currently conducting pilot testing with 15 banks, around 2,000 individuals, and over 50 companies participating. The regulator is gradually increasing both the number of participants in this testing phase and the types of transactions available on the platform. A full launch announcement for the digital ruble will be made by the Bank of Russia at a later date.