If the updated requirements are approved, they could go into full effect by 2026. Currently, only information about the payer is requested when making money transfers, however Rosfinmonitoring intends to require the personal data of both the payer and the recipient to be provided for internal and cross-border transfers.
Rosfinmonitoring recommends specifying the recipient’s name and initials, as well as the serial and number of the passport or the tax identification number, and adding exceptions for transfers made through the Express Payment System.
The agency also proposes to limit transfers without a bank account to 100,000 rubles or its foreign currency equivalent. But the bill has been criticized by banks, who argue that the new requirements could lead to an increase in illegal fund transfers and push people to cash transactions.
Source: Ferra
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