Revisions extend limits on one-time transfers and simplified identification
The Government Commission on Legislative Activities approved amendments from Rosfinmonitoring that cap one-time money transfers without opening a bank account at 100,000 rubles. The rule will apply to customers who pass simplified authentication, as reported in a government brief. The bill—still under discussion—updates the laws on money laundering prevention and the National Payment System, and it has been coordinated with major authorities including the Bank of Russia, the Ministry of Finance, the Ministry of Digital Development, Roskomnadzor, and the Ministry of Internal Affairs. The finance ministry believes the changes will help curb capital outflow, while Rosfinmonitoring frames the move as a measure against illegal financial transactions, bank fraud, terrorist financing, and extremism. These observations come from a ministry representative familiar with the proposal. The initiative also signals that a specific limit will be introduced for single transactions.
“If a person needs to make a one-time payment exceeding 100,000 rubles, full identification will be required. In this case, the electronic payment instrument will be personalized with a one-time transaction limit of 600,000 rubles”, Rosfinmonitoring explained. This summary reflects the stance of Rosfinmonitoring and its described mechanism for transaction control.
What is the simplified definition?
Under current rules, transfers can be made up to 15,000 rubles without any identification. Any transfer above that amount requires identification details. Simplified identification means the bank collects the customer’s first name, last name, patronymic, and identity document details. Verification can occur in person or remotely using electronic copies of documents.
Only individual customers can be identified under this approach. If a bank employee suspects that a transaction is related to money laundering or is unusually complex, the customer can be asked to provide full identification in the client’s presence. Additional information about the transfer may be requested, including its purpose. Foreign customers could be asked to provide transit card details and confirm legal stay in the country. These explanations reflect the current practice and the officials’ statements.
Is there a limit anymore?
Presently, a limit exists for transfers without opening an account using simplified authentication, allowing up to 200,000 rubles monthly through such channels. Some money transfer system users report that large sums can be moved without full identification through these platforms. Rosfinmonitoring notes that the proposed changes would not alter the monthly cap, keeping it fixed, while arguing that permitting unlimited one-time transactions does not align with international standards on anti-money laundering and counter-terror financing.
In the initial version of the bill, Rosfinmonitoring proposed a 60,000 ruble cap, which drew criticism from market participants. A 100,000 ruble limit was also viewed as problematic by some observers. Industry insiders suggested that the optimal limit for streamlined transfers could be around 600,000 rubles, a position echoed by executives in the electronic money and transfer sectors. They argued such a threshold would affect relatively few customers and would not drive up costs significantly.
Who will be affected by the changes?
The simplified identity verification process will primarily benefit individual customers who operate without a traditional bank account for transfers. Experts, however, believe the Rosfinmonitoring plan will have limited impact on domestic remittances. The changes are expected to affect cross-border transfers by Russian residents living abroad who still have income or obligations in Russia, as well as migrant workers and ordinary citizens who make such transfers. Some observers note that people could still split operations into multiple transactions to stay under certain limits, a workaround that the proposal aims to deter in single large moves.
Reports from transfer networks indicate monthly caps exist in specific systems; for example, one system lists a 600,000 ruble monthly limit with limits on daily transfers. A Russian resident living in another country described how the new rules would constrain monthly transfer activity. The overall expectation is that the reform could be debated in the upcoming legislative session, with enactment anticipated to occur roughly a year after approval, potentially in spring 2025.