Transitional Limitations on Transfers: Strict Banking Restrictions for Russians begin from May 202X
Starting from May 15, 2025, banks are given the authority to control the amount of money clients can transfer, focusing on individuals with suspicious activity in the Central Bank's "Cases and Attempts of Transferring Money Without Consent" registry. This is part of a broader strategy to fight fraud.
The registry mentioned is where accounts are flagged due to dubious transactions. Before, banks could only disable cards or online banking access, but now they can also impose transfer limits. If you end up on this list, your bank might restrict monthly transfers to 100,000 rubles, whether to others or between your own accounts. However, purchasing goods, services, or utilities remains unaltered. Banks still have the power to completely block a card or account.
Erinia Bochkina, an expert, views this limit as a hassle for fraudsters trying to cash out stolen funds and disrupting the activities of "mules" - individuals who facilitate money laundering. Yet, ordinary folks might face consequences too. For example, if you forget to update your phone number for internet banking and a new user conducts operations under your name, you'll be legally responsible for these actions.
To avoid such issues, regularly review the data associated with your banking apps and notify your bank promptly about any number changes or modifications. Keep an eye on your transaction history and safeguard your personal data.
This regulation affects those already under the financial regulator's watchful eye. Given the scale of digital fraud, it's wise to remain cautious, even prior to being flagged.
Note: Starting from May 30, 2025, Russia will also introduce new regulations for money transfers under 100,000 rubles. For these transactions, only basic identification details would suffice. If the transfer exceeds this limit, full identification will be mandatory, including details such as citizenship, date of birth, and place of residence[1][2]. The Central Bank is urging citizens not to transfer money to strangers or share their online banking details, as part of their broader initiative to fortify financial security[3].
The Central Bank's new regulation empowers banks to restrict monthly transfers of up to 100,000 rubles for clients with suspicious activity, a move aimed at combating fraud in the finance sector. This extended control could potentially impact both businesses and individuals who are flagged in the "Cases and Attempts of Transferring Money Without Consent" registry.
The introduction of these stricter regulations for money transfers is part of a broader effort to safeguard Russia's financial system, highlighting the need for heightened vigilance and caution in financial business.
