Legal entities and individual entrepreneurs (IPs) with a high level of “red” risk of violations of anti-money laundering legislation will be able to challenge decisions directly to the Central Bank. Applications are expected to be available from October 1, 2024.
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According to the draft regulation on the requirements for a legal entity’s application to correct its inclusion in the number of high-risk companies on the Know Your Client platform, in order to review the level, it will be enough to submit an application to the Central Bank.
Previously, applications from companies regarding their inclusion in the “red” list were studied by an interdepartmental commission of the Central Bank, Financial Surveillance, the Federal Customs Service, as well as by the Presidential Commissioner for the Protection of Entrepreneurs’ Rights.
Under the new rules, the Central Bank must respond to requests within 15 days. If the regulator fails to comply, the company can submit a request to the interdepartmental commission.
The Central Bank’s Know Your Customer platform provides credit institutions with information on the risk of legal entities and individual entrepreneurs from the perspective of anti-money laundering legislation.
The Central Bank, in turn, distinguishes three levels of risk: “green” with a low level of risk, “yellow” with a medium level and “red” with a high level.
But the final decision on the category is made directly by the bank.
Author:
Natalia Gormaleva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
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