The press service of the Central Bank of Russia reported that the Ministry of Justice of the Russian Federation registered a corresponding instruction of the Central Bank that now financial institutions can enter into agreements with non-resident banks without the need to legalize official documents confirming their status. .
“The innovation mainly simplifies the procedure for opening bank accounts for foreign clients, as it makes it easier to identify such clients and interact with them,” the regulator’s press service explains about the decision.
The changes apply only to non-resident banks. The Central Bank explains that other foreign legal entities and structures will still need to provide financial institutions with legalized official documents confirming their status in some cases.
This will be necessary if there are doubts about the reliability or accuracy of the documents presented, as well as if there are suspicions that an agreement with a new client is necessary to carry out illegal proceeds laundering or terrorist financing operations.
Author:
Ekaterina Alipova
Source: RB
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