Russia: Central Bank Issues Annual Report 2016 (AML/CTF, Fintech and Payments Focus)

The Central Bank of Russia (CBR) has published its Annual Report 2016, which outlines results and provides analysis of measures and actions taken in 2016.

The CBR emphasises that 2016 was a year of economic stabilisation and a transition from recession to recovery. To increase competition in the banking sector and enhance the stability of credit institutions, the CBR announced the transition to a three-tier banking system; therefore, implementing significant changes in regulation. Following the reform, simplified regulatory requirements will be applied to smaller banks, focusing more on providing services to smaller businesses and individuals.

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