Named ways to bypass new restrictions on transfer amounts over 100 thousand rubles

The bill is aimed at combating the legalization of illegal income

The State Duma in the first reading adopted a bill on a one-time limit of 100 thousand rubles when sending a transfer without opening an account and simplified personal identification. The law itself is expected to be adopted in the spring session and come into force in 2025.

We have long been accustomed to the fact that to send a money transfer it is not at all necessary to go to the post office or bank. Everything is done on the couch, with a slight movement of the hand, directly from your mobile phone. It is unlikely that there are people in Russia who do not have a bank account; even elderly pensioners have one. And the credit institution reliably knows all the client’s data – from full name to INN and SNILS.

Therefore, the concern of financial and competent authorities with the recognition of the sender’s identity is, at first glance, incomprehensible. With the general digitalization of the country, all Russians are in full view.

However, not everyone makes money transfers from banking apps. Some people still act the old fashioned way: they go to the bank. So they remain behind the scenes… And in our harsh times, this seems dangerous to the authorities: such transfers can be made by dishonest citizens…

Therefore, the government introduced amendments to the so-called anti-money laundering law, which was adopted to reduce the outflow of capital from Russia. And to combat criminal fraud, including the financing of sabotage.

It is emphasized that the current mechanism does not meet international standards for combating money laundering and the financing of terrorism. Global standards stipulate that there is a certain threshold of amounts sent, after which a standard client check should be carried out.

Today, without any additional procedures or personal identification, you can send an amount of up to 15 thousand rubles. So to speak, “my address is neither a house nor a street.” And if without using a bank account the amount is more than 15 thousand, then such clients are entitled to a simplified verification. The sender is required to indicate the last name, first name and patronymic and provide his passport details.

However, the upper limit of such a threshold has not been established to date. To exclude various financial frauds and crimes, the government (the bill was prepared by Rosfinmonitoring) proposed setting a limit of 100 thousand rubles without using a bank account. If the client wishes to transfer more than 100 thousand, then he will be subject to full identification, which includes the presence of the sender at the bank and an interview with him, during which he will be asked additional questions. The simplest of them is probably: the purpose of the money transfer.

According to statistics, 85-90% of money transfers fit into this amount. And only 10-15% fall under the new standard. According to Rosfinmonitoring, it will not in any way affect the financial accessibility of transfers for citizens.

According to experts, the upper limit really will not have any effect on law-abiding Russians. But it will make it possible to more effectively combat money laundering and legalization of criminal proceeds. Although an obvious hole in the law remains. If the amount exceeds 100 thousand rubles, what prevents the sender from breaking it into several tranches?

True, the measures taken may have a significant impact on our compatriots living abroad. And also for those who often make cross-border transfers.

“This bill in its purest form is aimed at combating the laundering of illegal income,” says financial analyst, candidate of economic sciences Mikhail Belyaev. – And it is needed to ensure the financial security of the country. Such “impersonal” transactions are often carried out for the purpose of financial fraud. And to bypass banking regulations to limit transferred funds.

Although, with modern methods of communication, the expert continues, there are many ways to circumvent the imposed restrictions. “The proposed measures are to a certain extent from the past. And if we are talking about a real fight against financial abuse, effective control, we need to proceed from modern realities that meet current conditions,” believes Belyaev.

Well, the amount of 100 thousand rubles for our regulatory authorities, apparently, becomes some kind of sacred. Simplified personal identification awaits Russians even if a client exchanges banknotes of one denomination for others for 100 thousand rubles at a bank, sells or buys currency for this amount, and even when receiving a lottery win of 100 thousand rubles.