Russia's Federal Financial Monitoring Service (Rosfinmonitoring) has proposed reducing the validity period of bank cards for foreign nationals from three years to one year. The measure targets "droppers" - individuals who provide their bank cards to criminals for financial gain.
Key proposed changes:
• Maximum card validity period for non-residents reduced to 1 year (currently up to 3 years)
• Stricter penalties:
- Fines up to 1 million rubles
- Up to 6 years imprisonment for transferring cards to third parties
• Particularly severe measures for those who obtained cards specifically for criminal schemes
Purpose of the changes:
Foreign nationals are frequently recruited as droppers, and the new rules aim to reduce financial crimes involving non-residents.
The proposal is currently under discussion with the Central Bank of Russia. We will monitor developments and report any updates.
Frequently asked questions:
-
What changes are proposed for foreigners' bank cards?
The validity period may be reduced from 3 years to 1 year. -
Who are droppers?
Individuals who provide their bank cards to criminals in exchange for money. -
What are the penalties for transferring cards?
Fines up to 1 million rubles and imprisonment for up to 6 years. -
Why reduce card validity periods?
To decrease financial crimes involving non-residents. -
When will the new rules take effect?
The draft law has passed first reading; implementation timeline depends on the Central Bank's decision. -
Can cards be renewed after one year?
Yes, but will require new bank verification procedures. -
Where to find details about the new rules?
On official websites of Rosfinmonitoring and the Central Bank of Russia.
For more information, please contact the consultants of the Confidence Group company.
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