In addition, the Duma introduced new measures that would make it easier to identify individuals transferring funds.
Simplified identity verification
The new legislation introduces a simplified identification process that now requires mandatory input from clients. Clients must present their passport information via telephone or the Internet, as well as his individual tax or pension fund number, which is similar to a social security number in the US.
It is also possible to present a compulsory medical insurance number as well as a mobile telephone number. Fulfilling the “simplified” identification requirement is also possible using electronic signatures.
Simplified verification will not be enough if:
1) the operation is subject for review under the law and evidence exists that the client is complicit in extremist or terrorist activities;
2) there is suspicion that the client’s goal is to launder money or finance terrorism;
3) the operation appears to be unusually complex or unconventional and has no economic character or a clear legitimate objective.
New regulations, however, will not limit transfers to 1,000 rubles – a proposed measure that came under heavy criticism when first suggested.
Based on the new law, anonymous electronic transfers must not exceed 15,000 rubles per day and 40,000 rubles per month.
Under the simplified identification process, transfer limits for individuals will be increased to 60,000 and 200,000, respectively. Anonymous transfers between private individuals are completely prohibited.
Citizens will also not be able to transfer funds anonymously to non-profit organizations, aside from religious and charity organizations where the limits remain 15,000 rubles per day and 40,000 rubles per month. Anonymous transfers to foreign-based companies are also prohibited.