Starting from October 1, the Bank of Russia will open general access to the Know Your Client platform for verifying the integrity of a company, the regulator’s press service reported.
Author:
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The service will allow you to check the risk level of counterparties, third parties, as well as your own if the user is a commercial representative. Using the platform will reduce the risks of interaction with unscrupulous companies.
Legal entities and individual entrepreneurs may challenge their membership in a high-risk group by contacting the Bank of Russia to review the decision.
“It is important that only those customers to whom their bank has not applied restrictive measures under anti-money laundering legislation can do so,” the Central Bank said.
In 2022, the Bank of Russia launched the Know Your Customer platform, which contains information on 7 million legal entities and individual entrepreneurs. Bank clients are divided into risk groups based on the regulator’s analytical data. There are three groups: with a high risk level (1.3%), medium (1.9%) and low (96.8%).
Author:
Kirill Bilyk
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.
