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From October 1, 2024, the Know Your Client platform allow you to check the risk category for suspicious transactions

According to the Bank of Russia Information dated September 20, 2024, from October 1, 2024, a KYC service in Russia will be available. The KYC service will allow obtaining information on whether an individual entrepreneur or legal entity belongs to a high-risk group for suspicious transactions upon request on the KYC platform.

Access to this information is provided to an unlimited number of people using the Bank of Russia website.

If a legal entity or individual entrepreneur does not agree that they are in the "red zone" on the KYC platform, they have the right to apply to the Bank of Russia with an application to review this decision.

The regulator will decide whether to lower the category and respond within 15 working days from the date of the application. With the help of the new service, companies can check their risk level and the risk level of third parties, including potential and current counterparties. This will reduce the risks of interaction with unscrupulous counterparties and promptly track possible negative consequences for the business.