Alfa Bank has announced that it has strengthened its procedures for monitoring compliance in cross-border payments to China. This update was reported by RIA News via the bank’s press service. The bank stressed that the enhanced checks are routine in nature and do not alter the way foreign partners transfer funds in yuan.
The press service clarified that the majority of payments to China are settled in yuan, with a smaller share conducted in rubles. The tempo and integrity of cross-border transfers remain unaffected by the new controls, and there is no disruption to funds arriving from counterparties.
Earlier reports indicated that China’s largest state-owned banks have begun to scrutinize customers tied to Russia more closely. They focus on entities whose ultimate beneficiaries are registered in the Russian Federation or who supply sanctioned goods, as part of broader risk management and sanction compliance efforts.
In the middle of last week, concerns about potential sanctions led Turkish banks to pause certain activities with Russian firms. Correspondent banking and payment transactions were halted before contracts could be finalized, and remittance flows from Russia to Turkey slowed dramatically at the start of the year. These frictions stem from measures by the United States Treasury Department’s Office of Foreign Assets Control and have affected a broad segment of banks in Turkey. [Citation: OFAC and related regulatory actions reported by financial news outlets]
Previously, Türkiye addressed the challenge of facilitating money transfers from Russia by implementing measures to bolster oversight and reduce risk in cross-border settlement channels. This ongoing context highlights how multinational banks balance the need for efficient payments with heightened compliance obligations on sanctioned or high-risk corridors. [Citation: regional financial reporting and regulatory updates]
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