As of now, the financial regulator (Rosfinmonitoring) controls cash deposit or withdrawal to/from a legal entity bank account, which exceed 600 thousand rubles (or other currency equivalent), unless this is due to the nature of the company business. Under the newly amended AML law, such operations will be controlled regardless of the nature of the business.
Besides, banks will have to submit to Rosfinmonitoring information on any transactions with real estate amounting to more than 3 million rubles. Now real estate transactions are monitored, only when ownership is transferred.
Leasing agreements’ credit and debit transactions will also fall under the new rules of monitoring, should their amount exceed 600 thousand rubles. Control will be Introduced over postal transfers of 100 thousand rubles and more.
However, exclusions will apply to:
- money transfers made by non-credit organizations on behalf of a client;
- exchange of banknotes of one denomination for another;
- purchase by an individual of securities for cash.
The amendments will enter into force on January 10, 2021.
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NAZALI TAX & LEGAL |