On Oct. 23, RUS CB issued guidance on precious metal transactions.
RUS CB published informational letter IN-08-43/104 on the non-application by RUS CB of measures to credit institutions.
Key Points
In connection with law 88-FZ amending law on AML, setting new criteria for mandatory control of transactions involving precious metals, precious stones, jewelry, and more.
These criteria cover transactions through bank accounts to buy or sell precious metals and stones, requiring credit institutions to identify such transactions for control.
The measure aims to allow credit institutions time to adapt to the new regulatory requirements while maintaining the framework's AML/CFT effectiveness.
Effectiveness
Due to the complexity of implementing these new criteria, including updating automated banking systems, RUS CB will temporarily refrain from enforcing penalties under law 86-FZ for non-compliance during the period Aug. 20 to Nov. 20, 2025.
