Digital ruble transactions now subject to AML laws
Digital ruble transactions will be monitored for anti-money laundering (AML) compliance. Control will be exercised either by commercial banks or by the Bank of Russia, the operator of the digital ruble platform. This will depend on how users will send orders for digital ruble transactions — through a bank or directly to the operator. This hybrid approach is provided for by the relevant law approved by the Federation Council.
Banks will remain responsible for customer identification when opening a digital ruble account, detection of customers whose access to the platform shall be restricted, and other AML functions they are in charge of today.
When developing the digital ruble platform, the Bank of Russia paid particular attention to enhancing the customer journey. Individuals and businesses will make payments in digital rubles through common mobile banking apps and other remote banking systems. Customers and banks will thus communicate as usual.
As a reminder, the digital ruble is the digital form of the Russian national currency. Currently, the Bank of Russia continues its pilot testing with the participation of 15 banks, about 2,000 individuals, and over 50 companies. The regulator is gradually increasing the number of the participants in the testing and the transactions available on the platform. The Bank of Russia will announce the full-fledged launch of the digital ruble later.