Individuals allowed to transfer no more than ₽100,000 using simplified identification without opening bank account
This maximum threshold is stipulated by the law that came into force on 30 May 2025.
If an individual needs to transfer more than ₽100,000, he/she has to follow the entire identification procedure or transfer funds using his/her bank account. To date, there has been no prescribed limit to the amount transferred without opening an account.
Furthermore, amendments to the law have been made increasing the balance in e-wallets opened by using simplified identification from ₽60,000 to ₽100,000.
To be able to follow the simplified identification procedure, an individual should provide the financial institution with his/her name, surname, patronymic, passport series and number. The complete identification procedure also requires specifying the address and the Taxpayer Identification Number (if any).
The new provisions are aimed at preventing opaque transactions carried out for the purpose of laundering criminally obtained incomes and financing terrorism, including by using money mules.