Control over cash withdrawals is introduced in the Russian Federation

On December 18^th, 2018, the State Duma of the Russian Federation adopted in the third reading the amendments to the Federal Law “On counteracting the legalization (laundering) of criminally obtained incomes and the financing of terrorism”.

In accordance with the adopted amendments, banks will be required to inform Rosfinmonitoring about cash withdrawal operations from payment cards issued by credit organizations in certain states and in certain territories. The specific list of states and territories will be determined by Rosfinmonitoring after the law enters into force.

The law will enter into force 180 days after its official publication.

At the moment, banks are already informing Rosfinmonitoring about operations worth more than 600 thousand rubles and about real estate transactions worth more than 3 million rubles.

On materials of the following website: http://duma.gov.ru/news/29233/