Russian AML Regulator Claims 25,000 Crypto Users Are Being Monitored

The leading Russian anti-money laundering authority says it is “watching” more than 25,000 crypto users and has advanced capabilities to identify criminal activity.

According to Finam, Yury Chikhanchin, the director of the Federal Financial Monitoring Agency (Rosfinmonitoring), recently met with Vladimir Putin to discuss crypto.

Rosfinmonitoring is a federal executive agency tasked with combatting money laundering and the funding of terrorism. It reports directly to the President’s office.

Chikhanchin was cited as saying that the “volume of usage” of cryptocurrencies in Russia was “sadly” increasing.

The head of Rosfinmonitoring said that the organization was “uneasy” about the rise of cryptocurrencies. In addition, he said that the agency feared that crypto-assets were utilized for money laundering in several cases.

He said: “We are monitoring about 25.000 participants in [crypto] activities. Around ten financial institutions have been identified. We feel they are assisting these people.”

He said that Russia’s crypto “turnover” is “about 630,000 Bitcoin (BTC).” Yuri Chikhanchin, the director of Rosfinmonitoring, met with Vladimir Putin, the president of Russia.

Chikhanchin stated that Rosfinmonitoring has performed “about” 120 crypto-related investigations, resulting in “over sixty” criminal convictions.

The head of Rosfinmonitoring said that advancements in blockchain analytics software aided the organization in enhancing its monitoring skills. 

Initially, the service enabled participants to monitor Bitcoin blockchain protocol transactions. Since then, the parties have increased the software’s capabilities, according to Chikhanchin. He added that the same monitoring technology could now be used for “over 20” blockchain networks.

In addition to the Ministry of Internal Affairs, the Federal Security Service, and the Investigative Committee, testing using the same tool is now “underway” at other government agencies, such as the Federal Security Service and the Investigative Committee.

Earlier this week, certain leaders of Russia’s crypto asset and blockchain industries expressed interest in meeting with Vladimir Putin to discuss crypto legislation.

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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