The testing will take place until the end of March 2022. By the moment, 40 banks have connected to the platform in the pilot mode. Further on, this number may be increased. By 1 July 2022, the information platform will become available to all credit institutions.
As envisaged by the law regulating the Know Your Customer platform developed by the Bank of Russia, all bank clients - Russian legal entities and individual entrepreneurs - will be grouped into three categories depending on their risk level: high, medium, or low. This information will be provided to credit institutions on a daily basis. The launch of this platform will reduce regulatory burden on bona fide entrepreneurs. Furthermore, banks will be able to focus on countering suspicious transactions.
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Central Bank of the Russian Federation published this content on 14 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 December 2021 10:58:04 UTC.
