Why Do Miners Need AML/CFT Policies, and What Does Rosfinmonitoring Have to Do with It?
If you're mining digital currency — including participating in a mining pool or organizing one — you're most likely subject to Federal Law No. 115-FZ of August 7, 2001 (hereinafter referred to as Law 115-FZ).
This means you're obligated to comply with anti-money laundering (AML) and counter-terrorist financing (CFT) legislation.
Key point of the law: Federal Law No. 115-FZ requires monitoring transactions that may be connected with money laundering or terrorist financing, and — if suspicions arise — reporting them to Rosfinmonitoring.
Who is covered by the law? According to Article 7.1 of Law 115-FZ: — Persons mining on behalf of or at the request of a client — Participants in mining pools — Pool operators distributing mining rewards
What are your obligations? If you have reason to believe that digital currency or a transaction might be part of a money laundering or terrorist financing scheme: — You must notify Rosfinmonitoring — Do so within 3 business days — Through your personal account in electronic format
What are the consequences of non-compliance? The Federal Tax Service (FTS) may remove you from the official register of miners if you repeatedly violate Law 115-FZ or related regulations. In that case, you will no longer be allowed to mine cryptocurrency legally.
What must be done before starting mining activities?
Register with Rosfinmonitoring’s personal account system
Develop and approve an Internal Control Policy (ICP)
Appoint a responsible officer
Complete training and conduct staff briefings
Ensure client identification and transaction monitoring
The ICP is not just a formality. It’s your legal protection. It's better to handle it now than to scramble after receiving a letter from Rosfinmonitoring.
Need help drafting your ICP, registering online, or understanding your responsibilities? Contact us at info@cryptadvisor.ru.