© Reuters
– Elvira Nabiulina, Governor of the Central Bank of Russia.
The Russian government submitted to parliament amendment to the law for counteracting hostile countries, by which banks will be obliged not to communicate to foreigners data about their customers before permission from the central bank and Rosfinmonitoring.
“Credit institutions shall be prohibited from providing to the competent authorities of other countries the customer information requested by those authorities and their operations, except in the cases referred to in Part 2 of this Article,” the text reads.
The Federal Financial Monitoring Service and the Bank of Russia must be notified within 24 hours of such inquiries.
The project is the work of the Ministry of Finance and proposes blocking the possibility of inquiries from the United States, which came into force in early 2021. In the Anti-Money Laundering Act of 2020 (also known as AML Act) Ministries of Finance and Justice of the United States have the right to request such data from all foreign banks with a correspondent account in the United States, if it is an account subject to criminal investigation, money laundering or object of confiscation of income from the United States.
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