On the timeframe and procedure for non-bank financial institutions to compile and submit statements on operations with monetary funds to the Bank of Russia

The Bank of Russia issued Ordinance No. 4263-U, dated 13 January 2017, ‘On the Timeframe and Procedure for Non-bank Financial Institutions to Compile and Submit Statements on Operations with Monetary Funds to the Bank of Russia’ registered by the Ministry of Justice of the Russian Federation under No. 46158, dated 29 March 2017 (hereinafter, Ordinance No. 4263-U).

The Ordinance amends the applicable codes of operations required to identify suspicious operations carried out by non-bank financial institutions and their customers and introduces additional codes of operations set by Appendix 2 of the Ordinance based on the application of Bank of Russia Ordinance No. 3719-U, dated 9 July 2015, ‘On Statements of Non-bank Financial Institutions on Operations with Monetary Funds’(hereinafter, Ordinance No. 3719-U) for the purpose of excluding recording operations with monetary funds using the code ‘other operations’, as well as invalidates Bank of Russia Ordinance No. 3719-U.

According to Clause 7 of Ordinance No. 4263-U, the statements on operations with monetary funds (hereinafter, the statements) shall be compiled and submitted to the Bank of Russia starting from the statements for the reporting period following the date of entry into force of Ordinance No. 4263-U.

In view of the above, the statements for April 2017 will be compiled and submitted to the Bank of Russia in compliance with Ordinance No. 3719-U.

Starting from the statements for May 2017, the statements will be compiled and submitted to the Bank of Russia in compliance with Ordinance No. 4263-U.

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