The Central Bank of the Russian Federation tightens control over cross-border transfers of individuals: intelligence named the reasons

The “Bank of Russia” plans to significantly change the form of banks’ reporting on cross-border transfers of individuals, significantly expanding the list of controlled operations. As reported by the Foreign Intelligence Service, the Russian authorities continue to consistently strengthen financial control, UNN reports.

DetailsAccording to intelligence, under the pretext of “more accurate reflection of economic phenomena” in the Russian Federation’s balance of payments, the regulator is actually expanding financial supervision over citizens. The reporting proposes to include information on payment for computer games and digital services, insurance payments, communications, fines, financial assistance, purchases in online stores, and even car purchases.

The Central Bank of the Russian Federation pays special attention to operations with digital assets – detailed accounting of the purchase and sale of cryptocurrencies and NFTs is planned. In addition, banks must transfer data on the residency of transfer participants, the source of funds, the method of transaction, and the amount of commissions.

It is obvious that the Russian authorities continue to consistently strengthen financial control, using banking reporting as a tool for total monitoring of citizens’ private operations in their own fiscal and political interests, the intelligence service summarized.