The Central Bank of the rf Is Tightening Control over Individuals’ Cross-Border Transfers

The Bank of russia plans to significantly change the form of reporting by banks on individuals’ cross-border transfers, greatly expanding the list of controlled transactions.

Under the pretext of “more accurate reflection of economic phenomena” in the rf’s balance of payments, the regulator is effectively expanding financial oversight of citizens. It is proposed that reporting include information on payments for computer games and digital services, insurance payments, communications, fines, material assistance, purchases in online shops, and even the purchase of cars.

The Central Bank of the rf pays special attention to transactions with digital assets – it plans to keep detailed records of the purchase and sale of cryptocurrencies and NFTs. Besides, banks must provide data on the residency of transfer participants, the source of funds, the method of transaction, and the amount of commissions.

It is evident that russian authorities continue to consistently tighten financial control, using bank reporting as a tool for total monitoring of citizens’ private transactions in the state’s  fiscal and political interests.