Updated rules concerning money transfers will come into force in Russia on May 30. Now, for transactions involving simplified identification which do not require the opening of a bank account, the maximum amount of a transfer will be limited to 100,000 roubles.
To transfer amounts exceeding the specified limit, it will be necessary to open a bank account and complete the full procedure of personal identification. This was reported by Maria Ermilova, Associate Professor of the Department of Sustainable Development Finance at Plekhanov Russian Economic University.
The expert noted that under the current rules, it was possible to transfer amounts up to Br15 thousand without identification. If this threshold was exceeded, a simplified identification without opening an account was required. However, there was no upper limit for such transfers, which contradicted international standards in the field of combating money laundering and terrorist financing. It was decided to eliminate this gap.
- As of May 30, 2025, restrictions within the framework of anti-money laundering legislation concerning the limit on transfers will come into force. In the case of simplified identification, the amount of a transfer must not exceed 100 thousand roubles or the equivalent in foreign currency. This rule also applies to transfers using electronic means,” the expert explained to the ‘Prime’ news agency.
Simplified identification provides for the client to provide passport data and full name when making a transfer.
For transfers of more than Br100 thousand, full identification will be required. In this case, the bank may request more detailed information about the client, including registration address, actual place of residence, information about possible beneficiaries and the purpose of the transfer.
- The current measures of regulators at the legislative level are aimed at combating money laundering and preventing the withdrawal of capital from the country. The innovations are designed to contribute to the solution of these tasks, - emphasized Yermilova.
Earlier it was reported that banks change the terms of accounts without the consent of customers.
Banks want to prohibit to change contracts without the consent of customers.