Kremlin to access Russians' bank transfers from September 1 — banking secrecy now a formality

From September 1, Russia's financial intelligence unit Rosfinmonitoring will gain access to data on all transfers made via the fast payment system, Mir cards and QR codes. The official justification is combating money laundering and terrorism financing. In practice, the authorities are acquiring a tool to monitor and block citizens' financial transactions at will, effectively ending banking secrecy in Russia.

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