Banks will begin to carefully check the origin of cash from customers

Financial institutions are preparing for more stringent monitoring of sources of cash flow to the accounts of citizens. This was announced by the head of the relevant department of the Central Bank Bogdan Shablya during a speech at the International Banking Forum organized by ADB.

The representative of the regulator stressed that the goal of the Central Bank is not to limit the turnover of cash as such, but to combat “opaque” money. Banks are advised to move away from the formal approach and conduct in-depth verification of the origin of funds to eliminate the risk of money laundering.

Under special control will fall operations that cause suspicion: making large amounts (from 5 million rubles) or a series of transactions of 100 thousand rubles or more with the subsequent withdrawal of funds abroad or transfers to companies. In such cases, customers should be ready to request supporting documents: purchase and sale contracts, certificates of withdrawal from other credit institutions, tax declarations or lease agreements.