The President of the Russian Federation has signed a law establishing new rules for monitoring banking operations carried out by companies.
According to the law, transactions with cash or other property are subject to mandatory control if the amount is:
The first category includes cash transactions:
The second category includes any transactions with real estate, the value of which is not less than the amount indicated above. Crediting funds to accounts, contributing when making payments under a financial lease or leasing agreement, debiting funds from an account, buying up precious stones or metals, will be also controlled as non-cash cash transactions.
When determining a transaction subject to mandatory control, the banking sector establishes the type of transaction 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 must be sent to the Federal Service of Financial Monitoring (Rosfinmonitoring).
Please note, that from July 1st, 2022, the Central Bank of the Russian Federation has the opportunity to independently assess the integrity of companies and assign them a risk level of involvement in suspicious transactions. It is customary to consider suspicious transactions that companies have carried out in order to legalize income and (or) finance terrorism. The main criteria that will be guided by the bodies of the Central Bank of the Russian Federation in the assessment are:
The collected data will be published on a special “Know Your Customer” platform, which can be used by all representatives of the banking sector. Also, the company’s dossier will indicate one of the risk levels:
The money will be on a blocked account until the company proves its business transparency or is liquidated.
In addition, from October 1st, 2022, the Central Bank of the Russian Federation will have the right to exclude companies with a red risk level from the Unified State Register of Legal Entities. But before that, companies will be given the right to challenge the decision to assign a high level of risk. If the interdepartmental commission of the Central Bank of the Russian Federation does not support the company, the dispute can be settled through the courts.
Information on the risk level will be publicly available to companies. They need to contact the servicing bank with the appropriate request.
In the matter of carrying out banking transactions, please contact Acsour specialists.