The changes will relate to the procedure of preparation of transaction passports which will be abolished as of new year, as well as to the procedure of repatriation of monetary funds under foreign trade contracts – control over these transactions by banks will become stricter.
Also, banks will have broader opportunities to refuse their clients to process a currency operation, if such operation is not in compliance with effective currency legislation. Liability of company’s officials for performance of unlawful currency operations will grow as well.
- As of January 1, 2018 a procedure of contract recording with banks will come into effect instead of the existing procedure of preparation of transaction passports.
- As of May 14, 2018 banks will obtain more grounds to refuse clients in processing of currency operations.
- As of May 14, 2018 a differentiated penalty for company’s officials will become effective for certain violations in processing of currency operations. For a repeated violation company’s officials will be subject to disqualification.
- As of May 14, 2018 currency residents will be obliged to notify banks on certain terms of repatriation of monetary funds or advance payments under foreign trade contracts.
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