On July 22, 2024, the President of the Russian Federation Vladimir Putin signed Federal Law No. 210-FZ, which introduces amendments to the Federal Law on Anti-Money Laundering and Countering the Financing of Terrorism.
These amendments establish a mechanism for the revision of the Bank of Russia’s decision to classify legal entities or individual entrepreneurs as high risk for suspicious transactions. Entities classified as high risk can now appeal directly to the Bank of Russia for a review. Alternatively, they can appeal the decision to the interagency commission operating under Clause 13.5, Article 7 of the Federal Law No. 115-FZ, or in court.
Furthermore, the amendments allow the delegation of identification requirements to operators of information system issuing digital financial assets and operators of digital financial assets exchange. As such, these organizations can delegate the identification/updating of information to other operators, including those of investment platforms and professional securities market players.
The scope of cases that do not require identification and allow for simplified identification of customers who are natural person has been expanded for credit organizations and federal postal service providers. Such cases now include payments of up to RUB 60,000 for housing services and utilities, as well as tax payments and advance payments to the budget system.
All amendments to the Anti-Money Laundering Law came into effect on July 22, 2024. The rules regarding the revision of high-risk status of suspicious transactions will be applicable from October 1, 2024.
