A draft law that allows foreign citizens to open accounts in Russian banks without personal presence was submitted to the State Duma of Russia on 24.03.2023
The State Duma of Russia introduced a draft law No. 321728-8 "On Amendments to Article 7 of the Federal Law "On Combating the Legalization (Laundering) of Proceeds from Crime and the Financing of Terrorism", according to which foreign citizens will be able to open accounts in Russian banks without personal presence, and foreign organizations - without the personal presence of their head.
As follows from the explanatory note to the draft law, the purpose of the law is to simplify (including the absence of personal presence) opening accounts in Russian financial institutions for foreign citizens and companies, in the context of the sanctions policy of unfriendly countries and the termination of the activities of international systems (Visa and Mastercard) in the territory of Russia.
In this case, identification of customers will be carried out by foreign banks on behalf of the Russian bank on the basis of a contract. But the Central Bank of Russia may prohibit such a procedure.
According to the press service of the Bank of Russia, the Bank took part in the development of this draft law and supports it: "The document is aimed at simplifying the adoption by Russian credit institutions to serve persons abroad. The mechanism provided for in the draft law can be used in relation to any persons - individuals and legal entities, non-residents and residents. It is relevant, in particular, for persons who intend to visit Russia as tourists, as well as for those who intend to make transactions on the Russian financial market."
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