10.07.2023, 21:11
Putin signed the law on remote identification of non-residents
Source: OREANDA-NEWS
OREANDA-NEWS Russian President Vladimir Putin has signed a law that allows Russian banks and platforms for the issuance of digital financial assets (CFA) to entrust foreign banks or financial market organizations with the identification of foreign clients.
The document is posted on the website of the official publication of legal acts.
The law was adopted by the State Duma on June 28 and approved by the Federation Council on July 5. The document (No. 321728-8) was submitted to the Parliament at the end of March.
Remote identification of non-residents in the Russian Federation will be able to be carried out not only by banks, but also by professional participants in the securities market (with the exception of investment advisors), investment platform operators, management companies of investment funds, mutual funds and non-state pension funds, as well as CFA issuance operators.
At the same time, the Central Bank of the Russian Federation, upon its request, will be able to prohibit the bank from transferring the identification of customers and their representatives to a foreign organization. In this case, the bank will have to terminate the contract within five working days after receiving the decision of the regulator. In addition, the bank will have to terminate the contract with a foreign partner unilaterally if it has repeatedly provided false information during the year.
The list of states whose residents will be able to conduct remote identification in Russia will be approved by the Government of the Russian Federation in coordination with the FSB and the Central Bank.
At the same time, the signed law significantly reduces the thresholds at which transactions with foreign clients are subject to mandatory control in the Russian Federation. Previously, he was subject to transactions in the amount of 1 million rubles and above (or the equivalent in foreign currency). The signed law specifies that an operation with funds in the amount equal to or higher than 50 thousand rubles is subject to mandatory control if it is performed on behalf of a client - a foreign citizen. At the request of a client - a foreign legal entity, the control threshold is set at 500 thousand rubles. The new thresholds are valid only if the identification was carried out remotely.
The law will come into force in 10 days.
The document is posted on the website of the official publication of legal acts.
The law was adopted by the State Duma on June 28 and approved by the Federation Council on July 5. The document (No. 321728-8) was submitted to the Parliament at the end of March.
Remote identification of non-residents in the Russian Federation will be able to be carried out not only by banks, but also by professional participants in the securities market (with the exception of investment advisors), investment platform operators, management companies of investment funds, mutual funds and non-state pension funds, as well as CFA issuance operators.
At the same time, the Central Bank of the Russian Federation, upon its request, will be able to prohibit the bank from transferring the identification of customers and their representatives to a foreign organization. In this case, the bank will have to terminate the contract within five working days after receiving the decision of the regulator. In addition, the bank will have to terminate the contract with a foreign partner unilaterally if it has repeatedly provided false information during the year.
The list of states whose residents will be able to conduct remote identification in Russia will be approved by the Government of the Russian Federation in coordination with the FSB and the Central Bank.
At the same time, the signed law significantly reduces the thresholds at which transactions with foreign clients are subject to mandatory control in the Russian Federation. Previously, he was subject to transactions in the amount of 1 million rubles and above (or the equivalent in foreign currency). The signed law specifies that an operation with funds in the amount equal to or higher than 50 thousand rubles is subject to mandatory control if it is performed on behalf of a client - a foreign citizen. At the request of a client - a foreign legal entity, the control threshold is set at 500 thousand rubles. The new thresholds are valid only if the identification was carried out remotely.
The law will come into force in 10 days.
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