On May 29, 2024, RUS FIU also announced that law 122-FZ has been published.
This law will increase transparency of relevant transactions and reduce risks of money laundering and terrorist financing when making transfers without opening an account.
On Dec. 28, RUS FIU proposed payment system transparency rules.
RUS FIU proposed bill 158779-8on amendments to art 7 of on combating money laundering and terrorism financing and art 10 of law on the national payment system.
Summary
At the moment, there is no specified threshold amount for transfers without opening a bank account, and simplified identification is not defined by Russian legislation.
The draft law proposes setting a maximum threshold value at 100k RUB or equivalent amount in foreign currency for transfers without opening a bank account.
This will enhance transparency and reduce money laundering/terrorism financing risks.
Also, the bill increases the maximum balance on a non-personalized electronic payment means, provided after simplified identification, from 60k to 100k RUB.
May 2024 Law Issued
On May 29, 2024, RUS GVT issued law 122-FZon amendments to art 7 of on combating money laundering and terrorism financing and art 10 of law on the national payment system, which enters into force on May 29, 2025 (1 year after publication).
May 29, 2024, RUS FIU Update
On May 29, 2024, RUS FIU also announced that law 122-FZ has been published.
This law will increase transparency of relevant transactions and reduce risks of money laundering and terrorist financing when making transfers without opening an account.
Regulators
RUS FIU; RUS GVT
Entity Types
Bank
Reference
PR 5/29/2024; Law 122-FZ, 5/29/2024; PR, 12/28/2023; Bill 158779-8; Fintech
