The state Duma in the first reading introduces the monitoring of cash withdrawal from cards of foreign banks

© Flickr / Leonardo Franko ATM. Archival photoThe state Duma in the first reading introduces the monitoring of cash withdrawal from cards of foreign banks© Flickr / Leonardo Franko

The state Duma adopted in the first reading a bill on mandatory control of the operations of cash withdrawals using cards of foreign banks.

The document submitted by the government of the Russian Federation, expands the list of transactions subject to mandatory control, complementing its operations receipt of cash using payment cards of foreign banks.

Mandatory control will be subject only to card transactions of banks of foreign countries (territories), the list of which will determine the Federal financial monitoring service. This will allow us to include payment cards of banks of the respective States in the zone of heightened attention or remove them from enhanced monitoring, explained earlier the Cabinet.

The information on such transactions will allow for the analysis of financial flows (not limited to thresholds) in order to detect schemes of financing of terrorist and extremist activities and General tasks aimed at ensuring Russia’s security, according to developers. Terrorist activity requires a rapid response, explained the previous week at a meeting of the Committee for financial markets Deputy Director of Rosfinmonitoring Paul Livadny.

The list of foreign States (territories) will refer to the restricted information and will be reported to credit organizations through their personal accounts in the order determined by the Federal financial monitoring service in coordination with the Bank of Russia.

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