The Bank of Russia has put forward plans to purchase banks and payment aggregators with the aim of tightening oversight of shops and eateries, ensuring that their stated activities align with actual operations. This guidance is intended to curb the so-called “restaurant scheme” and lower money-laundering risks, according to reports from RBC.
Officials point out that the central bank has uncovered security gaps that could be exploited by unscrupulous market participants to misuse purchasing channels.
Specifically, regulators found that many cafes and restaurants were misusing service procurement channels by registering cashless payment terminals and cash register equipment with third parties. Those devices were then used to accept customer payments in ways that bypassed funds being deposited into the owners’ accounts. In some cases, money flowed into travel company accounts, large car dealer accounts, or even individual wallets used to disguise cash sale proceeds.
The Central Bank also advised banks to apply appropriate merchant category codes (MCCs) that accurately reflect the actual goods or services offered by each store or service business. It urged ongoing monitoring of payment activity, including the frequency of transactions per hour or day, to detect unusual patterns and prevent misuse.
Rosfinmonitoring reported in August that the overall volume of suspicious transactions involving transfers from Russia to foreign destinations in 2022 fell by roughly one third compared with 2021, a trend the agency linked to enhanced oversight and stricter controls observed by financial institutions and regulators.
Previously, a legal guide summarized five rules designed to help consumers guard against scammers and protect their finances in this evolving regulatory landscape.