One of the largest banks in Russia, Sber, is very cautious about cryptocurrency transactions, but does not completely prohibit them.
Sber is participating in pilot projects aimed at tracking and verifying cryptocurrency transactions. This is Forbes said Larisa Zalomikhina, Vice President and Director of the Bank’s Compliance Department.
Sber and cryptocurrencies: security measures and new solutions
According to Zalomikhina, Sber pays close attention to crypto transactions. Such transactions carry high risks associated with money laundering and the use of shadow schemes.
However, Russian legislation does not prohibit individuals and entrepreneurs from carrying out transactions with crypto assets. However, they must provide documents that can confirm the legality of the transaction.
Requested documents may include:
- screenshot of the profile on the exchange;
- transaction history;
- the address of the exchanger where the cryptocurrency was bought or sold.
All the above information helps the bank to make sure that the client does not violate the law. If there are no violations, Sber removes all questions and continues cooperation with the user.
In case the client’s operations are related to shadow crypto exchanges or platforms, all transactions are immediately blocked.
Sber tightened control over crypto transactions in March of this year. At that time, users began to complain en masse about their cards being blocked due to transactions with digital assets.
The bank’s representative also noted that Sber is actively involved in testing the new Know Your Crypto Client platform, developed by Rosfinmonitoring and the Central Bank of the Russian Federation. This tool allows banks to analyze fiat and cryptocurrency transactions, compare them, and identify illegal tokens.
In addition, Sber also uses the Transparent Blockchain platform. Rosfinmonitoring is behind its development. The platform allows tracking illegal tokens and comparing them with fiat transactions.
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Source: Cryptocurrency
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