The Bank of Russia has begun to connect all banks to the anti-money laundering platform “Know Your Client” in pilot mode. This way the Central Bank will be able to avoid technological problems by the time the service should work.

“The regulator offered all credit organizations to gradually connect to the platform “Know Your Customer” (KCK) in pilot mode. This will give them the opportunity to make sure that their software and hardware complexes are ready for full information interaction with the Bank of Russia from July 1, 2022, as stipulated by law, and to avoid technological problems,” the financial regulator said in a statement.

Bank of Russia experts will advise banks and provide them with technical support.

“Within a few months, the technology that will allow the regulator to receive daily information from banks about their clients (legal entities and individual entrepreneurs) is to be worked out. The Bank of Russia, in turn, will transmit to credit organizations information on the level of risk of clients under the anti-money laundering legislation,” the Central Bank explained.

At the end of 2021, testing of the platform has already been organized with 40 credit institutions, including most of the systemically important banks.