The Central Bank is considering raising the threshold of financial transactions subject to obligatory control by Rosfinmonitoring from 600 thousand to 1 million rubles, said the Deputy Director of Department of financial monitoring and currency control of the Central Bank Ilya Yasinsky at the meeting of the Committee on financial market of the state Duma.
“The question we would like to discuss further with the Federal financial monitoring service and with the professional community — is the possibility of increasing the threshold of transactions subject to mandatory control, more than 600 thousand rubles”, — said the representative of the Central Bank.
The head of the Finance Committee of the state Duma Anatoly Aksakov asked about the size of the maximum amount offered of the Central Bank.
“Up to 1 million rubles, as one of the options,” said Jasinski. According to him, the adjustment of this indicator will reduce the burden both on the Supervisory authorities and market participants.
“As you know, today one of the main problems stems from the fact that the structure of the act requires each entity to report each transaction subject to mandatory control. It is often very difficult to do due to the fact that a particular operation might not match the type of economic activity of the subject. The most vivid example, when a credit institution must identify the so-called sdelannye transactions subject to mandatory control,” — said the representative of the Central Bank.
“We support this idea”, — told reporters following the meeting, Deputy Finance Minister Alexei Moiseev. According to him, the current threshold represents an excessive burden on market participants and does not meet international levels established by the FATF (Group on development of financial measures for combating money laundering — Financial Action Task Force). “This level is in the region of 15 thousand Euro is” — reminded the Deputy Minister.
Under current law, obligatory control by Rosfinmonitoring subject transactions for the sum over 600 thousand roubles (or equivalent in foreign currency) if they fall under certain criteria. In particular we are talking about operations with monetary funds in the form of cash (withdrawal or crediting to the account of, the purchase or sale of foreign currency, purchase of securities, contribution to Charter capital of companies), opening of deposits in favor of third parties, the premises of the precious metals in the pawn shop, cash transfers undertaken by non-banking entities on behalf of a client.
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