Come into force new rules for the identification of clients by banks for currency exchange


Moscow. December 27. Effective December 27 new rules for the identification of clients by banks will not create citizens with additional difficulties in the exchange, according to the CBR.

When buying and selling currency on the sum to 15 thousand roubles, the identification of the client is still not required. If the transaction amount is more, the customer provides a passport as form fills the Bank itself, according to the explanations of the Bank, published on its website.

“The legislation does not require individuals to independently fix its identity through surveys, questionnaires, etc. Position of Bank of Russia from 15.10.2015 № 499-P is not entitled to credit institutions additional obligations to identify customers beyond the requirements of the law “On countering the legalization (laundering) of income obtained by criminal means and financing of terrorism”, – said the Central Bank.

Previously, a number of banks expressed concern that the regulations of the Central Bank N499-P on the identification of Bank customers to counter money-laundering can prolong the procedure of exchange of foreign currency by citizens.

Position N499-P “On identification by credit organizations of clients, client’s representatives, beneficiaries and beneficial owners for the purposes of combating legalization (laundering) of incomes received by criminal way, and terrorism financing” was published in “the Bulletin of Bank of Russia” on 16 December and comes into force 10 days after publication.