Rosfinmonitoring is considering a shift that would require banks to include passport data when money is moved, according to a briefing on the ministry’s latest draft law. This adjustment marks a move toward broader recipient verification and traceability in financial transfers, a change that is being discussed as part of a broader modernization of the regulatory framework. The timeline for implementing the proposed changes puts the new requirements into effect starting January 1, 2026. This sets a clear deadline for banks and payment providers to adjust their processes and data collection practices in preparation for the upcoming rules. (Rosfinmonitoring briefing on the draft law, official statement)
Under the current rules, the law primarily requires disclosure of information tied to the payer. The recipient’s passport data and related identifiers have not historically been mandated. The new draft envisages expanding this data capture to include the recipient’s passport data, tax identification number, and the full surname and initials of the person receiving funds. The intent is to create a more transparent paper trail for transfers, enabling authorities to better monitor cross-border and domestic payments and reduce the risk of illicit activity. (Draft law overview, regulatory commentary)
Additionally, Rosfinmonitoring is pushing for credit institutions to disclose the buyer’s information for both domestic and cross-border transfers. The proposal aims to create a more complete view of the transaction chain, ensuring that financial institutions can verify participants in transfers regardless of origin or destination. This approach aligns with international trends toward stronger customer due diligence and enhanced data sharing between entities to prevent fraud and money laundering. (Regulatory projection, financial compliance briefing)
When the Fast Payment System (FPS) is used, there is room for a practical exception. Banks or the operator of the payment system could transmit recipient information without necessarily including passport data, tax identifiers, or bank account numbers in every transfer. This exception would reflect a balance between the need for transparency and the practical efficiency that fast, everyday payments require. It recognizes that not all transfers demand the same level of identifying detail, particularly in routine, low-risk transactions. (FPS operational guidelines, draft language)
The proposed framework also suggests placing a cap on transfers that can be conducted without opening a bank account. The limit proposed is 100,000 rubles, or an equivalent amount in foreign currency, which is a notable threshold intended to steer smaller, informal transfers toward formal banking channels. This cap appears to be a policy lever designed to curb unregistered or informal flows while preserving accessibility for ordinary personal remittances. The March revision to the bill introduces this particular novelty, signaling a recalibration of how non-account-based transfers are treated under the evolving rules. (Legislative draft update, March revision summary)