Check the integrity of businesses on the «Know Your Customer» platform starting October 1, 2024.

On October 1, 2024, the Bank of Russia will launch a service that will allow users to request reference information about whether an individual entrepreneur (IE) or legal entity belongs to a high-risk group for suspicious operations on the «Know Your Customer» (KYC) platform.

You can check both your own risk level and the risk level of third parties, including potential and current counterparties. This will help reduce the risks of interacting with unscrupulous companies.

If a company or individual entrepreneur disagrees with their classification in the «red zone» on the KYC platform, they have the right to appeal to the Bank of Russia with a request for a review of such a decision. It is important to note that only those clients who have not been subjected to restrictive measures by their bank under anti-money laundering legislation can do this. If such measures have already been applied, the company or IE can still appeal to the Interagency Commission under the Bank of Russia through the online reception.

The KYC platform has been fully operational since mid-2022. The Bank of Russia categorizes banking clients—legal entities and IEs—into three risk groups (low, medium, and high) based on its own analytical data and a combination of criteria. As of today, 96.8% of clients belong to the low-risk group, 1.9% to the medium, and 1.3% to the high.

The information from the KYC platform serves as auxiliary for banks; they independently assess the integrity of their clients’ businesses from the perspective of anti-money laundering legislation.

Preview photo: Blue Traffic Light / Shutterstock / Fotodom