The key facts

  • At Rosfinmonitoring's 25th anniversary, Putin called for tightening control over suspicious transactions and simplifying procedures for bona fide market participants
  • Rosfinmonitoring earlier prepared amendments on a temporary five-business-day suspension of transactions when client data partially matches information on persons with frozen assets

Statement at the agency's 25th anniversary

Russian President Vladimir Putin, speaking at a ceremony marking the 25th anniversary of Rosfinmonitoring, said that the state should tighten control over suspicious financial transactions. “At the same time, it is necessary to simplify procedures for bona fide market participants. And simultaneously tighten control over suspicious transactions,” his words were quoted Gazeta.Ru citing RIA Novosti.

What Life.ru clarifies

According to Life.ru, the president also noted that the improvement of financial control should take into account the interests of market participants who comply with the law, while suspicious monetary transactions require closer attention from the authorized bodies. He called on Rosfinmonitoring to introduce artificial intelligence for the early detection of threats.

Context: the proposal on blocking

The statement came against the backdrop of an initiative previously put forward by Rosfinmonitoring itself: the agency prepared amendments that would allow temporarily suspending clients' transactions when their data partially matches information on persons whose assets are subject to freezing. Under this initiative, the suspension period would be five business days, and banks would be required to report attempts to carry out transactions with blocked funds. Thus, the president's words set the general policy direction of “simplify for the bona fide — tighten for the suspicious,” while the specific mechanisms for expanding blocking still exist only as the agency's proposal, not as an adopted decision.