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The specialist told why banks occasionally block operations with digital currency

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MOSCOW, April 20 – PRIME. Financial institutions will rarely block transactions that could potentially be connected to digital currencies, due to the fact that they are difficult to track among other user transactions, Anatoly Perfilyev, junior head of banking ratings agency Specialist RA, told the media.

“Digital currency is not legalized in Russia, but it is not directly prohibited either. In order to prevent unnecessary claims and questions from the regulator, banks are reinsured and will block transactions potentially related to digital currencies. With all this, the superimposed block is not large-scale, since cryptocurrency purchase and sale operations are disguised as everyday transactions and are not obvious from the outside, ”Perfiliev said.

Banks, if there are suspicions, in some cases may request documents from customers that confirm the source of the money. Often, legitimate transactions can fall under obscure aspects and be blocked. “If there are certifying documents, the bank must skip the operation, but the final decision remains at its discretion,” the specialist explained.

Last week, one of the clients of Tinkoff Bank said on his social networks that his account was blocked without explaining the prerequisites. The bank explained to the media that the temporary restriction of remote banking services happened as part of automatic financial monitoring. Some of the operations that the client carried out fell under the incomprehensible aspects that were described in the methodological instructions of the Central Bank of the Russian Federation.

In September 2021, the regulator issued “Methodological advice on increasing the attention of financial institutions to certain transactions of individual clients.” In them, the Central Bank gave advice to financial institutions for identifying bank cards and electronic wallets using ?? illegal online casinos, organizers of money pyramids, illegal organizations of the forex market and cryptocurrency web exchangers.

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