Leading the Alternative World Order

Reshaping Perspectives and Catalyzing Diplomatic Evolution

Friday, September 22, 2023


Subscribe to our Newsletter

- Gain full access to our premium content

- Never miss a story with active notifications

- Exclusive stories right into your inbox

WorldAsiaIn Russia, banks may be required to provide the personal data of the recipient of the transfer

In Russia, banks may be required to provide the personal data of the recipient of the transfer

The Federal Financial Supervision Service intends to adopt a project according to which, from January 1, 2026, banking organizations will carry out money transfers with the mandatory indication of data on the recipient of funds. RBC has reviewed the corresponding version of the document.

According to the publication, the agency has already adjusted the set of information that will need to be specified when sending money, but did not take into account the main comments of banks on their invoice.

According to the current version of the law, a money transfer must be accompanied by data only about the payer (full name, account number, NIF or residential address), information about the recipient is not required. The Federal Anti-Money Laundering Agency plans to require the recipient to provide personal data about the recipient of the transfer, which is made using national and cross-border cards or accounts.

It is also proposed to limit the amount of transactions carried out without opening a bank account to an amount of 100,000 rubles or a similar equivalent in foreign currency. According to the publication, this innovation should come into force one year after the adoption and publication of the law.

Earlier, Deputy Finance Minister Alexei Moiseev said that the Russian Federal Tax Service could become the agency in charge of regulating cryptocurrencies. According to him, the Federal Tax Service currently accepts declarations from people regarding their portfolios and transactions on foreign accounts. In the future, portfolio and transaction information should be sent to three organizations: the Federal Tax Service, Rosfinmonitoring and the Central Bank.

Read the Russia Ukraine News on The Eastern Herald.

For the latest updates and news follow The Eastern Herald on Google News, Instagram, Facebook, and Twitter. To show your support click here.


News Room
News Room
The Eastern Herald’s Editorial Board validates, writes, and publishes the stories under this byline. That includes editorials, news stories, letters to the editor, and multimedia features on easternherald.com.

Public Reaction

This site uses Akismet to reduce spam. Learn how your comment data is processed.