INFORMATION LETTER OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of December 28, 2012 No. 21

Generalization of practice of application of the Federal Law "About Counteraction of Legalization (Washing) of Income Gained in the Criminal Way and to Terrorism Financing" and the regulations of the Bank of Russia adopted according to it

1. Whether it is necessary to refer to subject to mandatory control according to the paragraph the fifth the subitem 4 of Item 1 of article 6 of the Federal Law of 07.08.2001 N 115-FZ "About counteraction of legalization (washing) of income gained in the criminal way and to terrorism financing" (further - the Federal Law) the transactions made by payment agents and bank payment agents within rendering services in money transfer

According to the subitem 4 of Item 1 of article 6 of the Federal Law the money transferred by not credit institutions at the request of the client belongs to the transactions which are subject to mandatory control provided that the amount of such transaction is equal or exceeds 600 000 rubles or equivalent in foreign currency.

Literal reading of the specified regulation of the Federal Law allows to draw conclusion that mandatory control will be is subject by the transaction on the money transferred by not credit institution at the request of the client made on equal or the exceeding amount established by the Federal Law.

The procedure of money transfer is established by the Federal Law of 27.06.2011 N 161-FZ "About national payment system" (further - the Federal Law N 161-FZ).

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