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Vladimir Putin signed Federal Law On Amendments to Articles 6 and 7 of the Federal Law On Countering the Legalisation of Criminal Proceeds (Money Laundering) and the Financing of Terrorism.
The Federal Law envisages a mechanism that provides for remote identification of a client – a foreign citizen or a foreign legal entity on the territory of a foreign state.
This mechanism is intended to provide such clients with the possibility of carrying out operations on Russian financial market and opening accounts with Russian banks or other Russian financial organisations.
This identification can be carried out by a foreign bank or other foreign financial organisation on behalf of certain organisations that carry out transactions with funds or other property. The categories of such organisations are determined by the Federal Law.
At the same time, the Federal Law provides that a transaction in excess of a certain amount, carried out on behalf of a foreign citizen or a foreign legal entity identified under this mechanism, is subject to mandatory control.
In addition, under this Federal Law, the Government of the Russian Federation and the Bank of Russia will have the necessary authority to implement this mechanism.
In particular, the Government of Russian Federation is vested with the right to approve the list of states (territories) where financial organisations, to which the right to identify clients can be delegated, are registered.
July 10, 2023