Some large banks have become more active in requesting explanations from corporate clients about the economic meaning of operations with cryptocurrencies and stablecoins, primarily with USDT, as well as information about counterparties in this area.
According to cryptoexpert Viktor Pershikov, in recent days, several Russian banks serving foreign economic activity have sent similar questions to clients. It is USDT that is most often used in cross-border settlements, therefore importers and exporters fall under the requests.
In addition to the standard questions under 115-FZ, banks are asked to explain the economic meaning of the purchase of USDT and confirm that the counterparty who provided the cryptocurrency is included in the register of digital currency exchange operators of the Bank of Russia and complies with the rules of internal control for AML/CFT purposes.
The last point creates an unenforceable requirement.
"In practice, such cases occur with enviable regularity, but in this particular case, the requirements to verify the presence of a seller or buyer of cryptocurrencies in the registry are clearly odious, because such a list simply does not exist yet," said Mikhail Uspensky, managing partner of the Parallax consulting agency.
He also points out that the requests themselves are legitimate: control over the purity of the origin of funds is entrusted to banks, and the requirements to confirm the economic validity of the transaction, disclose the sources and details of the transaction are applied everywhere.
The mechanics of escalation are predictable. Several payments usually go through without much attention. As the amounts increase, the requests for documents increase, even to the point of blocking the operation or recommending changing the bank for servicing.
The reason for the tightening is preparations for September 1, when the law on digital currencies and digital rights comes into force. It legalizes the crypt, sets the rules for turnover and provides for the creation of a register of digital currency exchange operators of the Central Bank. According to Uspensky, everyone who uses cryptocurrencies from foreign issuers potentially falls into the risk zone.
What a business should do. Collect the evidence base in advance: a foreign trade contract, an invoice, a confirmation of delivery, and a justification for choosing a payment channel. The question about the registry should be answered based on the fact that the registry has not yet been formed, and the counterparty has been selected according to available criteria. It makes sense for companies that are planning crypto payments from September to discuss the scheme in advance with the servicing bank: blocking an operation is more expensive than a preliminary conversation.
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