Russia’s Rosfinmonitoring To Track Crypto Transactions
Russia’s Federal Financial Monitoring Service (Rosfinmonitoring) is expanding its range of tracking and analysis tools to monitor data pertaining to cryptocurrency wallets suspected to be owned by certain antisocial elements. BBC Russia, which reported about the Russian agency’s activity earlier this week, stated that Moscow Institute for Security and Information Analysis (SPI) is tasked with the job of developing the data tracking tools.
The tools will have the ability to collect and store all the requisite data related to individuals doubted to be involved in financial crimes. Furthermore, the system will also facilitate authorities to establish connections between fraudsters. The system will store information such as bank accounts, card details, digital money accounts, telephone numbers and crypto wallets used by the suspected person.
The document published by Zakupki.gov.ru, a digital auction system that records purchases and purchase requests from Russian government agencies, Rosfinmonitoring would get the system before the end of 2018. SPI is developing the product at a cost of ~195.50 million rubles ($2.87 million). Both parties refrained from providing additional details regarding the product due to government restrictions.
It can be remembered that Rosfinmonitoring had expressed their displeasure about free exchange of cryptos in Russia by labeling them as high-risk, speculative assets with no real value.