Non-total control. What money transfers will the monitor Central Bank?

What happened? The Bank of Russia will request data on transfers between individuals. For this, the Central Bank has developed a new reporting form and has already sent it to banks. The new form is needed to monitor the implementation of methodological recommendations on increasing the attention of credit institutions to individual customer transactions.

When asked by Finam.ru, QIWI confirmed that it received a form for reporting P2P transfers in early December. The new reporting of the Central Bank is necessary to check the banks' compliance with methodological recommendations No. 16-МР, the company comments.

What operations does the Central Bank monitor? The Bank of Russia is interested in transfers between individuals using all possible combinations of electronic means of payment. For example, from card to card, from wallet to wallet, from a subscriber's account of a telecom operator to a wallet or card, and others. This is stated in the recommendations No. 16-МР. The Central Bank plans in this way to catch illegal business activities, for example, online casinos, online lottery, crypto exchanges, financial pyramids.

The Bank of Russia assumes that individuals use for illegal transfers cards issued to dummies, as well as a program that automatically fills in the data for the transfer. The Central Bank requires banks to regularly check the use of such programs, tighten control and evaluate the effectiveness of measures at least once every six months.

In addition, in the recommendations, the regulator gives a list of signs of transfers between individuals, which banks should pay attention to. Credit institutions should monitor transactions if there is a correspondence at the same time on two grounds. For example, such signs can be the number of counterparties more than 10 per day or 50 per month, more than 30 transactions per day with individuals, the total amount of transactions exceeds 100 thousand rubles per day or 1 million per month, the balance at the end of the day is no more than 10% from the average daily volume of transactions and others.

If the bank finds an operation that matches two or more criteria, it has the right to block it. If there are two or more such operations in a year, the bank may close the account.

What changed? The Bank of Russia previously could point-to-point request information on transfers between individuals from any credit institution as part of a remote check. Now the Central Bank has developed a special reporting form and notified credit institutions that it plans to periodically request information on P2P transfers in a new form from 2022, QIWI reported. Under the new form, banks will provide a standard list of information that reveals the essence of the operation: date, amount, payer, recipient and their banks, purpose of payment, and so on.

How will the changes affect individuals? After the media began to write that the Central Bank would totally control all transfers of individuals, the press service of the Bank of Russia denied this information. The regulator plans to act according to recommendations No. 16-МР.

"The work carried out by the Bank of Russia and credit institutions does not imply total control over the operations of individuals and is aimed at identifying individual risk areas associated with the use of payment cards and wallets issued for fictitious individuals by cryptocurrency exchangers, online casinos and unscrupulous participants in the financial market for settlements with Russian citizens. Also, this work will not affect small businesses, "- said the regulator" RIA Novosti ".

In addition, the Central Bank also said that it did not introduce the new form. Although QIWI reported in response to an inquiry from Finam.ru that it received the form in early December. At the same time, QIWI noted that in the form sent by the Central Bank, it is necessary to indicate the payer and the recipient. But the press service of the Bank of Russia says the data will be depersonalized.

"The Bank of Russia does not plan to introduce new reporting for credit institutions to control the operations of individuals," the Central Bank stressed. "We are talking about abuses - huge sums in a matter of hours addressed to the same recipients, when it is clear that these are not ordinary calculations used by citizens or small businesses, but an obvious attempt to conduct illegal transactions," the Central Bank explained.

Individual credit institutions, if risks are identified on the basis of the data and reports available in the Bank of Russia, can be requested for impersonal registers of those transfers of individuals that meet certain criteria "In this case, information that identifies individuals will not be requested," Bank of Russia.

What are the consequences? Many individuals provide services so as not to pay taxes on their income. For example, individuals receive income for services by transferring to their personal card. If payments on the card correspond to suspicious signs, then the Central Bank will be interested in such income. Individuals will likely have to either start their activities officially, or switch to partially cash.

There will be an increase in the demand for opening an individual entrepreneur and obtaining various patents,, says Evgeny Koganpresident of the Moscow Partners IG. "Obviously, the number of self-employed will increase dramatically. And this is very good. Taxes in this case are very small, and for many it will become an option for whitewashing," Kogan said. He noted that the turnover of cash may sharply increase.

The expert also believes that the demand for cryptocurrency, in particular for bitcoin, may increase. "It is unlikely that everything that happens will cause a rise in prices for cryptocurrencies. But ... what the hell is not kidding," Kogan summed up.