The 2022 level of transactions flagged as suspicious and carrying signs of money being withdrawn abroad turned out to be the lowest in the entire period under observation, totaling 36 billion rubles. This figure was disclosed by the Bank of Russia, underscoring a notable shift in the pattern of concerns around cross-border monetary movements. The dip from the previous year marks a substantive decline, as the 2021 figure stood at 43 billion rubles. In explaining this drop, the regulator pointed out a 1.6-fold reduction in the cost of questionable advance payments tied to imported goods, suggesting tighter scrutiny or altered commercial practices in international trade have contributed to improved risk controls. The bank highlights that tighter processes for verification of counterparties and better documentation may have played a key role in reducing exposure to dubious upfront payments that could otherwise channel funds abroad.
Looking at cash withdrawals across the banking and non-banking sectors, the 2022 data show a slight uptick in the banking sector, with cash withdrawals edging past 2021 totals to reach about 64 billion rubles. In contrast, the non-banking sector saw a decrease of roughly 5%, bringing withdrawals to around 29 billion rubles. This divergence suggests differential activity between formal financial institutions and non-banking channels, possibly reflecting shifts in consumer behavior, the availability of alternative payment methods, or changes in cash handling regulations during the year. Analysts emphasize that these movements are part of a broader trend toward more transparent and documented cash usage, though pockets of cash-intensive activity persist in certain segments of the economy.
There was also a notable development in consumer financial behavior: the volume of cash withdrawals from bank cards and accounts held by individuals and individual entrepreneurs doubled in 2022. This rise occurred alongside a substantial reduction in the volume of suspicious transactions processed in executive documents, which fell by about two and a half times. Such contrasting dynamics indicate a reallocation of cash flow vulnerabilities within personal and microbusiness finances, with card-based access increasingly used for legitimate purposes even as certain document-related fraud risks appeared to recede.
In its annual assessment, the Central Bank of Russia reported a 5% decrease in the overall volume of suspicious transactions within the banking sector for 2022, accompanied by a 7% drop in suspicious cash transactions. The regulator attributes this improvement to the rollout of the Know Your Customer platform, which has tightened identity verification and enhanced monitoring across financial services. The implementation of KYC measures appears to have contributed to clearer KYC trails and more effective risk scoring, helping banks and other supervised entities better identify and halt questionable flows before they materialize into losses or illegal activity. Analysts note that while progress is evident, the landscape remains complex, with continued vigilance required as new payment channels and cross-border arrangements evolve.
Earlier communications from the regulator indicated that Russians increased the volume of international transfers during the second quarter of 2022, a development likely tied to shifts in economic activity and consumer needs during that period. The year-end results for 2022 reflect a cautious improvement in anti-fraud indicators, alongside ongoing efforts to strengthen compliance frameworks and ensure that cross-border transactions are subjected to rigorous scrutiny. Overall, the year demonstrated a continued focus on reducing illicit financial movements while balancing legitimate international trade and personal financial activity. Attribution: Bank of Russia, annual risk assessment and sector-specific releases.