New procedure of control of banking operations

Legal Digest News
The Federal Service for Financial Monitoring (Russian acronym - Rosfinmonitoring) of the Russian Federation has determined a new sum threshold for banking operations with monetary funds for companies.

Starting from August 29, 2023, operations on debiting funds from an organization's bank account for an amount equal to or exceeding 5,000,000 rubles (previously 1,000,000 rubles) are subject to mandatory control by the Rosfinmonitoring authorities of the Russian Federation. However, they will be controlled if the following conditions are met:

  • The organization, during the year preceding the year of the banking transaction, received money from an account in a subdivision of the Central Bank of the Russian Federation on the balance sheet account No. 40102 "Unified Treasury Account".
  • The funds for the completed transaction are transferred in favour of the recipient who, at the date of the transaction, belongs to the group of high or average risk of suspicious transactions.

When determining an operation subject to mandatory control, the banking sector determines the type of operation performed, the amount of its completion, the list of organizations that are associated with the transaction, as well as the period of time during which this information should be sent to the Rosfinmonitoring authorities of the Russian Federation.

Please be reminded that since last year, the Central Bank of the Russian Federation has had the opportunity to independently assess the good faith of companies and assign them the level of risk of involvement in suspicious transactions. There are three such risk levels:

  1. Low level of risk. With such a risk, banks do not have the right to refuse companies to open accounts, close existing ones, or reject a payment if both sides of the transaction have an appropriate level of risk.
  2. Average level of risk. Companies with such a risk from time to time withdraw money for cashing out and operate in industries with increased risks. The Bank will have the right to refuse to make a payment and to open an account.
  3. High level of risk. For companies with such a risk, banks are required to block the account. It will be prohibited to make various payments, the exception will be payments on taxes and salaries of employees, repayment of loans.

In assessing the authorities of the Central Bank of the Russian Federation will be guided by criteria such as the type of activity carried out in the company, the nature of the transaction, the number of open bank accounts, the interrelation and interdependence with companies that conducted suspicious transactions, etc.

In the matters of implementation of banking transactions, please contact Acsour specialists.