Russian Cryptocurrencies Will Disrupt Western AML Systems

The scale of cryptocurrency use by Russian citizens may lead to a failure of Western anti-money laundering systems. Olga Goncharova, who heads the expert center of the Association of Russian Banks on digital assets, stated the risk to the global crypto market.

The turnover of crypto operations by Russians reached $376 billion over the past year. About 40% of the country's foreign economic activity is now conducted using digital currencies.

Due to such volumes, Western AML systems risk flagging a significant portion of the entire global cryptocurrency market as suspicious.

Olga Goncharova previously headed a department at the Central Bank of Russia and held executive positions at Binance, which gives her assessments particular weight.