Russia's Central Bank to Begin Monitoring All Money Transfers Between Citizens

The Central Bank of Russia will start requesting data from banks regarding all monetary transfers between individuals. This was reported by RBC, citing three sources from the payment market.

The Bank of Russia has sent a new form for reporting on monetary transfers between individuals to credit organizations. This implies that the Central Bank will demand information about all P2P transactions, including the personal data of both senders and recipients.

The information about receiving the new reporting forms was confirmed by a representative of QIWI payment company. According to Oleg Mashtalyar, Deputy Chairman of the Management Board of Sovcombank, the Bank of Russia will start risk-based monitoring of P2P transfers from January 2022.

“The Central Bank has notified that starting from 2022, it will regularly request information regarding P2P transfers in this format,” added the QIWI representative.

As stated by the Central Bank of Russia, the main goal of introducing new reporting forms is to optimize the submission of data by banks and to obtain up-to-date information regarding payment services.