The Central Bank will make it easier for foreigners to open bank accounts

The Parliament approved a draft law that changed the rules for opening accounts by foreigners in Russia. Amendments to the law allow Russian banks to identify foreign individuals and legal entities with the help of foreign banks.

It is also allowed to open a bank account in the territory of the Russian Federation without a personal visit of the client, if his identity has been identified by a foreign bank that has such authority. Foreigners will be able to use the services of Russian banks remotely and become their clients. All banking transactions performed by an individual in the amount of 50,000 rubles or more, and by a legal entity in the amount of 500,000 rubles or more, are subject to mandatory control.