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The list of reasons for banks to refuse performing currency transactions has been increased

The list of reasons for banks to refuse performing currency transactions has been increased

LEGAL DIGEST, NEWS \ 02.12.2017

The currency transaction cannot be performed if the provisions of the Law on Currency Control, concerning the following:

– Currency transactions between residents of the Russian Federation;

– Resident accounts with banks outside the Russian Federation;

– Rights and obligations of residents in currency transactions;

– Other acts of currency legislation.

An additional ground for the refusal can now also be the incompliance of documents with the requirements of the Law. The taxpayer is to be notified of this violation by the bank in writing not later than the working day following the day of making the decision.

Now banks refuse to conduct a transaction only if:

– The purpose of the transaction, according to the bank, is the legalization of criminal proceeds or the financing of terrorism;

– The client did not submit the required documents or they are inconsistent.

The amendments are to come into effect on May 14, 2018.

The Acsour experts will answer your questions regarding the order of currency transactions.

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