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Central Bank Explains New Cash Control Rules




MOSCOW, 13 Jan – PRIME. The amendments to the anti-money laundering law that have come into force do not bring revolutionary changes in terms of cash control, but are intended to facilitate reporting for banks, the Central Bank’s press service told RIA Novosti. The Central Bank explained who will be affected by the new rules for controlling cash turnover. in the “anti-money laundering” law, specifying the procedure for monitoring cash transactions and non-cash payments, entered into force on January 10. They provide for mandatory control of postal orders and cash withdrawals accrued to the balance of a mobile phone in the amount of one hundred thousand rubles, as well as cash and non-cash payments for real estate transactions from three million rubles. “We consider it important to emphasize that these amendments do not introduce any revolutionary changes. So, the very obligation of financial organizations – subjects of the execution of” anti-legalization “requirements to submit information about an exhaustive list of transactions to the financial intelligence (Rosfinmonitoring), has not changed, nor have the threshold amounts themselves changed transactions that are subject to such control are, as before, 600 thousand rubles or more (or a settlement transaction on a transaction with real estate in the amount of 3 million rubles or more), “the Central Bank said. “The purpose of the changes is to reduce the burden on financial institutions when informing financial intelligence about transactions subject to mandatory control. All transactions subject to mandatory control are now distributed among them, taking into account the nature and specifics of their activities,” the regulator added. So, for example, credit institutions will identify and report to financial intelligence only about the settlement transactions of their clients (that is, transactions with cash in cash and transactions on bank accounts (deposits). In addition, the changes made will allow to remove the excessive load, including including from clients of financial institutions upon request from them for additional documents and information on transactions that were identified by financial institutions, but were performed by clients in other financial institutions.

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