The Central Bank issued recommendations to control the origin of money of bank customers
Banks will have to require customers to confirm the origin of large amounts of cash when depositing into their account. Earlier, the Central Bank announced the publication of methodological recommendations for banks to control the introduction of cash
The Bank of Russia has issued methodological recommendations to credit institutions to determine the sources of funds when their customers make transactions with large amounts of cash.
The regulator noted that “measures are focused on operations with large amounts of cash (for example, for citizens – if operations range from р5 million once or in total the same amount per month), uncharacteristic for the business of companies or household settlements of individuals.” They affect a narrow segment of clients of credit institutions and do not affect the interests of conscientious citizens.
So, if the amount of a one-time transaction or the amount of a set of transactions per month of a client - an individual is equal to or exceeds ,5 million, then the Bank of Russia recommends the following to credit institutions:
determine the financial position of customers and the sources of origin of their funds before making transactions in volume; obtain documentary evidence of the financial position and sources of origin of funds; pay attention to the compliance of customer operations with the objectives of activities; control the amount of this transaction, including using atms or other technical devices.
The list of suspicious transactions includes not only depositing cash into your account, but also transferring funds without opening bank accounts, buying investment precious metals, precious metal coins, processed natural diamonds for cash in rubles and buying and selling foreign currency in cash for cash currency.
In the guidelines, the Central Bank indicated an approximate list of documents that must be provided by a client-individual. Among them, in particular: income certificate, tax return, loan agreement, contract of sale of real estate and other documents confirming the origin of cash.
The new document from the Central Bank includes recommendations previously issued by the regulator aimed at preventing the circulation of cash of unidentified origin, in connection with which previous recommendations on this topic are canceled.
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