A special recording procedure for certain securities will be in effect until the end of 2025
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15.10.2025
BANK OF RUSSIA HAS OUTLINED THE NUANCES OF MAKING CROSS-BORDER MONEY TRANSFERS THROUGH THE FASTER PAYMENT SYSTEM (FPS)
When making cross-border money transfers through the FPS, system participants are advised to inform the client of any existing restrictions, prohibitions, or special procedures regarding transactions with non-residents before confirming the actions and to post a summary of them in the payer’s banking application.
In addition to confirming the transfer, the banking application should also provide the client with the opportunity to provide information necessary for the FPS participant to decide whether the transfer is related to economic measures; whether or not the competent authority has authorised the transaction (deal) for the FPS participant to conduct control.
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