The threshold for banking operations subject to mandatory control should be increased from 600 thousand to 1 million rubles by the end of 2023, and then to 1.5 million rubles. For real estate transactions, this indicator is recommended to be set at 10 million rubles. This proposal was made by the National Council of the Financial Market (Izvestia has the document).
The threshold of monetary transactions subject to mandatory control has not changed since the start of the anti-money laundering law in 2002: as a result, a significant number of transactions that do not correspond to the level of public danger fall under special attention, the NSFM’s conclusion on the draft law is specified, designed to optimize the regulatory burden on participants financial market. The council’s opinion was sent on November 25 to the State Duma, the Central Bank and Rosfinmonitoring.
“The FATF also pointed out as part of the assessment of the Russian anti-money laundering system that the threshold value of control is too low and needs to be adjusted upward,” Alexander Naumov, deputy head of the NSFR, explained to Izvestia.
In addition, credit institutions want to return the threshold for reporting cross-border transfers and transactions in favor of NPOs, which has now been canceled.
On October 1, amendments to the anti-money laundering legislation came into force: in accordance with them, banks must report on all transactions addressed to non-profit organizations (except, for example, those implementing preschool education programs), as well as on all remittances from countries belonging to a special list of Rosfinmonitoring. Due to the new requirements, credit institutions began to send hundreds of times more messages about transactions.
More details – in the exclusive material of Izvestia:
“To beat the threshold: they want to increase the limit of controlled transactions to 1 million”
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