09:30, 20 July 2020 Page views 870 views

Putin signed law on tougher control over cash transactions

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iU3MA1SB4.jpgRussian President Vladimir Putin signed a law specifying the list of cash transactions subject to mandatory control. The corresponding document was published on the official portal of legal information. In particular, the law strengthens control over cash transactions of 600 thousand rubles or more and imposes mandatory control of postal remittances for the amounts of 100 thousand rubles or more.

Now banks must exercise such control and inform Rosfinmonitoring about cash debiting and crediting transactions in the amount of 600 thousand rubles or more on a legal entity's account, where this is not due to the nature of its economic activities. The law introduces control over such transactions regardless of the nature of the legal entity's activities (i.e. any cash transactions in this amount will come under control).

Transactions in the amount of 600 thousand rubles or more will be monitored when crediting or debiting an account (deposit) of a foreign entity with no corporate status and when making lease payments, as well as paying insurance compensation to a legal entity or receiving an insurance premium from a legal entity.

At the same time, the exchange of banknotes of one denomination for banknotes of another denomination, the cross-border transfer of money to the account of the anonymous owner and the receipt of funds from it, as well as money transfers carried out by non-credit institutions on behalf of the client are taken out of control. The receipt of property under a lease agreement will not be controlled either, but control over the provision of property under such agreements will remain in place.

The law introduces mandatory control of postal remittances and return of the unused balance of money paid as an advance for communication services, if the amount of such transaction is 100 thousand rubles or more. At the same time, the threshold for the second and subsequent crediting (debiting) of funds when making settlements under the state defense procurements is reduced from 50 million to 10 million rubles.