Rosfinmonitoring reported that they plan to connect banks to the Transparent Blockchain service by the end of 2025. According to Anton Lisitsyn, Deputy Director of the Federal Financial Monitoring Service, over 12 clients have now been connected to the service.
These are mainly employees of law enforcement agencies and foreign anti-money laundering intelligence units working in the CIS countries, the official noted.
He emphasized that the final criteria for the final stage of the project are currently being agreed upon together with the Bank of Russia and other banks, and by the end of the year, Transparent Blockchain will be implemented into the infrastructure of credit institutions.
Banks began testing the “Transparent Blockchain,” which allows tracking clients’ transactions with cryptocurrencies and fiat, back in 2023, and since then five financial institutions have participated in the project.
According to Lisitsyn, since 2022, the number of suspicious transactions related to cryptocurrency has increased significantly, which has led to an increase in the number of criminal cases and intensified investigations into financial crimes.
The Transparent Blockchain service will be available to banks through the existing system of personal accounts, and the technology itself can be easily adapted to the needs of the banking sector, the official noted.
