Stricter measures on money transfers to commence in May - citizens of Russia given alert
Starting next year, Russian residents can perform quick, simplified financial transfers, but with a cap of 100,000 rubles. This game-changing announcement was made by renowned financial advisor and Associate Professor at the Sustainable Development Finance department of Plekhanov Russian University of Economics, Maria Ermilova, in a recent interview.
Previously, the upper limit of transferable funds with simplified identification remained unclear, which led to conflicts with international anti-money laundering and terrorist financing standards. This issue will now be resolved, as per Ermilova's statements.
Starting May 30, 2025, Russia's anti-money laundering legislation will impose a limit on the transfer amount. With simplified identification, individuals can transfer up to 100,000 rubles or equivalent foreign currency, regardless of the medium (including digital channels), she elaborated.
For transfers exceeding the 100,000 ruble limit, full personal identification will be required, encompassing aspects like citizenship, date of birth, and place of residence (registration).
The Russian government is currently working tirelessly to curb the legalization of ill-gotten income and capital flight at a legislative level, as Ermilova pointed out. She further suggested that this new measure has been designed to tackle these crucial concerns.
In case you were wondering, here's what you can't stash in your car trunk as a driver: medicines, books, saplings, and various other items. Also, there's some buzz about pensioners getting another generous increase – but only under specific conditions. And if you thought the cost of other goods was high now, brace yourselves for May – prices are about to skyrocket, leaving us with anthems like "We'll only be eating cucumbers"!
Maria Ermilova, a recognized financial advisor and Associate Professor at Plekhanov Russian University of Economics, noted that starting May 30, 2025, transfers using simplified identification within Russia will be capped at 100,000 rubles or equivalent foreign currency. For transfers exceeding this limit, full personal identification will be required, including details like citizenship, date of birth, and place of residence (registration). These changes have been made in an effort to address conflicts with international anti-money laundering and terrorist financing standards and to curb the legalization of ill-gotten income and capital flight.
