Russian Banks Report More Crypto Operations in 2024

Russia’s financial watchdog says banks submitted 30% more crypto-related reports in 2024. The Transparent Blockchain system is in its final test phase and could soon become a key tool in AML monitoring.

Banks Step Up Crypto Monitoring

Maria Shcherbakova of Rosfinmonitoring noted a 1.3x increase in crypto transaction reports. P2P transfers between bank accounts are increasingly used to exchange fiat for crypto. Banks are now using new tools to detect and analyze crypto activity.

Transparent Blockchain System in Final Testing Phase

A new system called Transparent Blockchain is being tested with five major Russian banks. It enables real-time tracking of transactions, wallet scoring, and pattern recognition.
The tool is designed to help banks better understand how clients use crypto wallets.

Full Integration Expected by Year-End

Rosfinmonitoring plans to integrate the system into banks’ online platforms by the end of 2025. Officials believe it will improve risk assessment and AML efficiency for crypto and fiat operations.
The project is part of Russia’s broader effort to regulate digital finance more effectively.