Russian banks require customers to explain the origin of funds
The Central Bank of the Russian Federation, according to “Vedomosti”, sent a number of commercial banks an information letter with the results of the investigation on foreign currency purchases by individuals. Among the recommendations is a proposal to tighten procedures on money laundering and strengthen the control over the origin of Finance.
Something in this story is not true. First, it is difficult to imagine that a person daily, and even a few times a day gets a large amount of cash at a commercial Bank. At least, it should precede a phone call with the order of amounts: the small banks, as a rule, no serious amounts of cash dollars and euros, they are brought under the particular transaction. Second, if we are talking about amounts not less than $100 thousand per transaction (6,7 million rubles at the current exchange rate), it is wiser to use the services of collectors, if the finances are transferred from Bank to Bank or exchanger. Thirdly, there is no doubt that all transfer of money is done under the cameras.
Operations on cash withdrawal of large sums, says CBR, corruption and other illegal purposes in the current Russian reality is very veiled. Maybe in some cases someone bought the currency in exchangers, but it is unlikely this trend. Although it can be assumed that among the ultimate purchasers of currency are those companies that have previously lost access to direct purchases, but, again, there is stock exchange and interbank market.
To the banks, as can be seen, the CBR no complaints. However, this requirement may complicate the process of purchase of foreign currency to physical persons, for example, for foreign holidays. Very hard to explain to the cashier in the Bank that you accumulated rubles, delay of salary, to buy it now $5-6 thousand control over the source of funds will come down exactly to the level of the consumer, can be sure.