“When an individual performs an operation to exchange banknotes or coins of one denomination into banknotes or coins of a different denomination, or operations to replace damaged banknotes or coins that do not have signs of counterfeiting, for intact banknotes or coins in an amount not exceeding 40,000 rubles or not exceeding the amount in foreign currency, equivalent to 40,000 rubles, identification of the client – an individual, the client’s representative, beneficiary and beneficial owner, as well as simplified identification of the client – an individual is not carried out, ”the law says.
The exceptions are cases when a bank employee suspects that the operation is being carried out to legalize proceeds from crime or to finance terrorism. Previously, the threshold amount that could be exchanged without a passport and other documents was 15,000 rubles.
In addition, exchange cash for up to RUB 100,000. now you can go through the simplified identification procedure. It implies the provision of passport data – name, series and numbers – through the original document or a certified copy. You can also identify a client using state information systems.
Changes have been made to the law “On combating the legalization (laundering) of proceeds from crime and the financing of terrorism.” It comes into force today and is aimed at simplifying the interaction of citizens with banks.
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