Russia sets cap on individual one-time remittances
Heads Up, Folks! New Limit for Cash Transfers in Russia
Get ready, as of late May, there's a fresh rule brewing in Russia for cash transfers: single, cashless transactions without a bank account and proper identification will be limited to 100 thousand rubles. This ain't a random move, but part of a law passed last year to combat money laundering and terrorism financing.
What's the Deal? Previously, large sums could be transferred using electronic wallets or without an account, just by offering passport details. But now, that's all changing, and full identification is the new requirement. Even with simplified identification, moving more than 100 grand won't be an option.
Who's Exempt? If you've already got a bank account and have gone through the full ID process, carry on as usual.
Bigger Bucks? You can still move it - just gotta confirm that sweet identity of yours. Digital finance expert Alexei Voylukov hints it'll take a tad longer, but the dough will eventually arrive, according to the source.
(Side Note: The new rule caps transfers under simplified identification at 100,000 rubles, needing just the recipient’s full name and passport or identification document details. Transfers above this limit require full identification, opening a bank account, and providing detailed information like your registration address, actual residence, potential beneficiaries, and the purpose of the transfer. The purpose of this regulatory change is to align with international anti-money laundering and counter-terrorist financing standards, closing a loophole that allowed unlimited transfers under simplified ID.)
In the context of the new rule limiting cashless transactions, it appearing in late May, it's essential to understand that simple, cashless transactions without a bank account and proper identification will be limited to 100 thousand rubles* in Russia, as part of efforts to combat money laundering and terrorism financing.
Previously, large sums could be transferred using electronic wallets or without an account, merely by offering passport details. However, with this new requirement, full identification is necessary for transactions exceeding 100 thousand rubles*.
