Page 102 - RusRPTAug22

twice, in the process the banks achieved the abolition of the provision on an unconditional refusal to conduct operations, and the color code was officially changed by high-risk, medium-risk and low-risk groups.
Now banks daily send their own KYC data to the Central Bank in the form of a list of legal entities and individual entrepreneurs with an average and high level of risk, indicating the reason (digital code). Counter information from the Central Bank is not built into their systems and is available in a separate service, but by law it can be used as additional information.
The "red" zone means a denial of banking services and a possible termination of the contract. Operations are allowed only for life support - for example, settlements with government agencies and employees. The Central Bank estimated the share of such companies at 0.7%, and the testing of the platform on 30 banks (in progress since December) confirmed this estimate.
According to the idea of the Central Bank, the “yellow” zone is companies that conduct real economic activity, but allow dubious operations. Such transactions are blocked if there are signs of dubiousness, and green zone companies doing business with them are subject to special supervision. A complete stop of transactions and refusal to issue funds will not apply to them.
There are 99% of "green" companies on the market, the Central Bank calculates. Blocking transactions between them is not allowed - the risk of restrictions arises only when settling with dubious counterparties.
Companies in the green and yellow zones can ask the bank about their status indefinitely, the "red" banks are obliged to notify them within five working days. Problem customers will be able to rehabilitate themselves before the bank by providing supporting documents, or apply to the interdepartmental commission at the Central Bank according to the "black lists".
8.1.8 Sberbank news
102 RUSSIA Country Report October 2020 www.intellinews.com