Banks are confused in the “traffic light” of the Central Bank

Bankers summed up the first results of using the anti-money laundering platform of the Central Bank “Know Your Client” (KYC) – also known as “traffic light”, it has been fully operational since July 1. Despite a number of advantages of the platform, the labor costs of banks are growing and they need additional methodology from the regulator. This follows from the results of a survey by the Association of Banks of Russia (ADB). Vedomosti has the document, its authenticity was confirmed by the vice-president of the association Alexei Voylukov. The survey involved 59 respondents, including both universal banks, including systemically important ones, and those with a basic license.

The KYC platform was created by the Central Bank so that credit institutions could evaluate their clients for involvement in suspicious transactions. Since July 1, as the Central Bank assured, all banks have connected to the platform. Legal entities and individual entrepreneurs (IP), according to the new principle, are divided into three groups depending on the degree of risk. The Bank of Russia compared this principle to a traffic light: if a client is in the “red” zone, then the bank must immediately establish a ban on almost all transactions, “yellow” clients are under close scrutiny, and transactions with “green” clients must be carried out by banks without hindrance. According to the regulator, about 99% of companies belong to the “green” group, 0.3% to the “yellow” group, 0.7% to the “red” group. The Central Bank service has information about 7 million legal entities and individual entrepreneurs.