The Finance Ministry has drafted a bill to consolidate the authorized banks the right to refuse customers to conduct foreign exchange transactions if they conflict with the requirements of Russian currency legislation. The document is published on the Federal portal of projects of normative legal acts.
The bill also establishes penalties for conducting illegal currency transactions for officials and persons responsible for carrying out foreign trade transactions. Their proposed fine in the amount of 4 thousand to 5 thousand rubles For repeated breach, the Finance Ministry proposes to punish their disqualification for the term from six months to three years. Appropriate changes are proposed to the Code of administrative offences.
In brief, the Agency points to “the lack of authorized banks have the right to refuse customers to conduct foreign exchange transactions if they conflict with the requirements of currency legislation”. The purpose of the bill is to eliminate the conditions contributing to violations in the sphere of currency regulation, the Ministry of Finance in the explanatory note.
Currently, the law “On currency regulation and currency control” gives the banks two grounds in order to refuse the client in conducting foreign exchange transactions: if he has not provided the necessary documents or if the documents provided to them were inaccurate. A list of documents that may be requested from the client to exchange control, included in the law. In particular, it includes identity documents, documents on state registration as an individual entrepreneur or legal entity (for non — residents- the documents certifying the status of legal entity), the certificate on statement on the account in tax Department, etc.
According to the law “About counteraction to legalization (laundering) of incomes, received by criminal way, and terrorism financing” during the formal availability of all documents the Bank may refuse to conduct transactions only in the case if it suspects that the transaction is established for the purposes of the laundering of proceeds of crime or financing of terrorism.