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Vladimir Putin signed Federal Law On Amendments to Certain Legislative Acts of the Russian Federation.
The Federal Law is aimed at reducing the risks of using impersonal (anonymous) means of payment with the aim of combating financial terrorism and the legalisation (laundering) of proceeds of crime.
In particular, the Federal Law introduces the concept of “simplified identification of an individual client,” sets forth the conditions for and means of conducting this type of identification and prohibits the use of impersonal electronic payment instrument by individual clients that have not undergone simplified identification in order to transfer electronic funds to another individual or to receive electronic funds from another individual.
Also, the Federal Law stipulates that operations involving receipt by non-profit organisations of funds and/or other property from foreign states, international or foreign organisations, foreign citizens or stateless persons, as well as using funds (or property) are subject to obligatory monitoring if the amount of such operation is equal to or greater than 100,000 rubles (about $2,800) or its equivalent in foreign currency, or more.
May 5, 2014