Banks will strengthen control over transactions with social payments

Banks will strengthen control over transactions with social payments that show signs of cashing out — we are talking about maternity capital, child benefits, as well as payments to soldiers of the special military operation (SMO) and their families. The Central Bank will require more careful monitoring of such operations — this follows from the updated draft regulation of the regulator 375-P (Izvestia has it). If the financial organization recognizes the transfer as suspicious, in the future questionable transactions of this client may be blocked and additionally checked.

Family values: the authorities are discussing new options for using the maternity capital

What investment instruments can it be invested in and are there any risks involved?

Maternity capital and housing certificates are suitable for the category of social support, said Marina Burdonova, head of the compliance department at Sovcombank. We are also talking about payments to members of the special military operation in Ukraine and their families, child allowances and transfers per child, added Vladimir Chernov, analyst at Freedom Finance Global.

Banks are required to document unusual transactions, the criteria for which are specified in regulation 375-P, said Alexander Naumov, Deputy head of the National Financial Market Council (NSFM). For each of them, the credit institution analyzes the client's profile, the main counterparties, the reasons for the transactions, and other parameters. After the analysis, the bank makes a subjective decision on the existence of suspicions of money laundering. If there are any, the organization is obliged to report the operation to Rosfinmonitoring.