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Russia introduces new money transfer rules effective April 4th with exemptions for individuals
6 articles |
Updated 3h ago |
Created 10h ago
Starting on the evening of March 31st, Russian authorities are implementing updated financial regulations that will take full effect from midnight to noon tomorrow morning (April 2nd). The Ministry of Finance clarified in a press briefing today at approximately nine o'clock AM Moscow time which organizations fall under these new restrictions.
Key Points
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1New money transfer rules in Russia are set to take effect on April 1st or early April of the year following publication.
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2The Ministry clarified that these new regulations apply only when one party is a legal entity, not for transactions between individuals (B2C).
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3Financial institutions must now provide clients with information about fees and rules at least three days before initiating transfers via electronic payment systems or mobile applications.
Developments
[Mar] Apr[1]
New money transfer regulations officially begin to apply in Russia (excluding B2C transactions).
[Feb/Mar/Jan/Apr][4, 5 or similar date before April],
(Implied) Financial institutions must inform clients about new rules at least three days prior.
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