Russian businesses dealing with money or valuable property will now be required to conduct more thorough checks of their clients.

Source: Russian newspaper Kommersant

Details: The requirement concerns not only possible involvement in money laundering and terrorism but also in the financing of extremist activities.

This obligation is set out in a new government decree that will come into force on 9 August.

It applies to telecommunications operators, payment services, gambling platforms, as well as legal entities involved in transactions of property, precious metals and jewellery.

All of them are required to have internal monitoring rules defining procedures for identifying and tracking suspicious transactions.

These rules include, for example, identifying clients, assigning them risk categories, analysing unusual activity, and then transferring this information to the Federal Financial Monitoring Service of Russia.

Background: Russia is actively working on creating its own digital environment, controlling key aspects of its citizens’ online activity through a new “super app” called Max.

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