Putin approves control of cash withdrawals

Cash withdrawals using cards from foreign banks in Russia will be monitored. The relevant law was recently signed by President Vladimir Putin and published on the official portal of legal information.

According to the wording of the document, soon the mandatory control will be subject to the cashing of funds from the cards of foreign banks registered in the countries, the list of which Rosfinmonitoring will later prepare. Rosfinmonitoring is the popular name for The Federal Financial Monitoring Service of the Russian Federation. The federal service was created by a decree of Vladimir Putin on November 1st, 2001. The service collects and analyses information about financial transactions to combat domestic and international money laundering and other financial crimes.

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Russian credit organisations will have to inform Rosfinmonitoring about such operations within three days about the date and place of their execution, the amount, the card number and its owner.

Earlier, the government explained that the purpose of federal law 565 is to solve problems aimed at ensuring Russia’s security, including by identifying financing schemes for extremist and terrorist activities by analysing financial flows.

The law will come into force 180 days after the day of official publication, that is, after December 28, 2018.

More can be found at https://finance.rambler.ru/money/41500782/?utm_content=rfinance&utm_medium=read_more&utm_source=copylink

 

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