The Central Bank tightens the screws: banks will check the origin of large amounts of cash The Bank of Russia has published methodological recommendations for credit institutions to determine the financial condition of customers and the sources of their funds during transactions with large amounts of cash. The document is intended to ensure that banks will notice suspicious transactions in time. The regulator states directly: an increase in the volume of cash deposits can be used to launder profits from crime and introduce shadow cash into legal circulation. To whom it concerns: - For individuals, the threshold is 5 million rubles one time or in total during a calendar month. Regarding legal entities and individual entrepreneurs, the recommendations apply regardless of the transaction amount. Special attention will be paid to: - Depositing cash into bank accounts - Transfers without opening an account. Buying precious metals for investment, precious metal coins and processed natural diamonds - buying and selling foreign currency for rubles in cash What does the central bank recommend to banks? Before carrying out such transactions, it is recommended that the credit institutions determine the financial situation of the customer and the sources of funds in an amount equal to the amount of the transaction. Banks are advised to request documentary evidence of this information and ensure that the transactions are consistent with their stated business objectives. If the client does not provide documents, does not provide them sufficiently, or the bank has doubts about reliability, and if there are signs of splitting amounts, the organization is recommended to consider classifying the transaction as suspicious, increase the client's risk level and, if necessary, exercise the right to refuse the transaction. Who will not be affected by the measures: - The recommendations cannot be implemented if the bank already has documented information about the customer's financial situation and sources of funds.