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Russian regulator sees decline in dubious banking transactions

The value of dubious transactions in the Russian banking sector fell in 2018, with illegal overseas money transfers declining 24% and the value of fraudulent cash-out transactions falling almost by half compared with 2017, the Central Bank of the Russian Federation said.

The value of shady overseas money transfers amounted to 73 billion Russian rubles in 2018, with advance payments and service transactions, mostly container shipments, accounting for the bulk of such transactions.

Meanwhile, the value of fraudulent cash-out transactions uncovered by the regulator in 2018 reached 176 billion rubles, of which 100 billion rubles, or 57% of the total amount, fell onto fund withdrawals from retail accounts and payment cards.

Although cash-out transactions in the banking sector declined significantly in 2018, they demonstrated a growth in the nonbanking sector, which resulted in the increase of some high-risk transit operations, the Russian regulator said.