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The expert explained why keep data on transactions with digital Finance

Contained in the bill to financial a digital asset and digital currency requirement to provide storage for at least five years of information on transactions with digital of financial assets aimed at combating the use of such assets for the legalization of proceeds from criminal activities, said to RIA Novosti, the founder of the law firm Partners VK Vadim Konyushkevich.

Previously the state Duma Committee on financial markets prepared for the second reading the draft law "On financial digital assets, the digital currency." The document says that an exchange operator digital of financial assets is obliged to ensure the storage of information on transactions made through it, as well as on participants of such transactions for at least five years from the date of their Commission.

"The emergence of this requirement in the act on a CFA is quite logical, as it seeks to combat the use digital of financial assets for the legalization of proceeds from criminal activities. Requirements for customer identification (KYC) and storing the relevant information contained in the General recommendations of the FATF (Group of development of financial measures for combating money laundering - ed), and in the leadership of the FATF in relation to virtual currencies," said Konyushkevich.

He noted that Russia's AML/CFT standards (the prevention of money laundering and/or terrorist financing - ed.) are contained in the Federal law "About counteraction to legalization (laundering) of incomes obtained in a criminal way, and terrorism financing", whereby financial institutions are required to obtain information on relevant operations and customers, including data on the sources of origin of money. The law establishes that the documents obtained in the course of KYC, must be kept for at least five years.

According to Konyushkevich this requirement and "migrated" to the bill on a CFA. "Accordingly, the new version of the bill on CFA not imposed any new requirements, but only extends to the operators of exchange of the CFA requirements for AML/CFT", - he explained.

According to experts, on the one hand, it may make life easier for operators, as it is likely that these regulatory requirements regulations of the Central Bank as a regulator will be similar to the approach used at financial institutions. On the other hand, it is possible that in the beginning of enforcement may be a lot of issues given the virtual nature and technological features of the CFA.

"I don't think in relation to archival storage of documents on operations with the CFA, the Central Bank will release a separate manual. Therefore, most likely, will act General rule: if the documents are not needed in current activities, they can be deposited in the archive. And at the end of the specified five-year period they may be destroyed", - concluded the expert.