Kremlin wants Western media's unbiased coverage of Russian, Syrian troops' activitiesRussian Politics & Diplomacy October 25, 13:07
Press review: US election criticism and Belgium against CETAPress Review October 25, 13:00
Russian deputy PM: Agreements on crude production cap to stabilize oil sector investmentsBusiness & Economy October 25, 12:46
Russia ready to extend Turkish stream after written guarantees from EU — LavrovBusiness & Economy October 25, 12:34
Pablo Picasso paintings come to lifeSociety & Culture October 25, 12:31
Minsk confirms it is ready to host Contact Group meeting October 26World October 25, 12:09
Moscow surprised as Germany places politics above economy — LavrovRussian Politics & Diplomacy October 25, 12:03
Terrorists cutting off Aleppo residents from humanitarian corridorsWorld October 25, 11:32
Animal abuse probe opened as 2 dolphins, seal and sea lion cub die in Primorye aquariumSociety & Culture October 25, 11:01
MOSCOW, December 28. /TASS/. Banks and currency exchange offices in Russia have started to exchange foreign currency worth over 15,000 rubles under new rules that require a client's passport and a questionnaire.
The currency exchange procedure may last long for clients coming to a bank for the first time. As a result, the new rules may prompt customers to exchange currency through the Internet and banks to turn exchange desks into shadow business where these rules can be breached.
Banks will have to spend a considerable amount of time to identify clients under the new rules, which will make currency exchange operations longer.
Citizens may start exchanging foreign currency in remote banking channels to avoid standing in line for currency exchange.
"The new currency exchange rules may prompt citizens to conduct currency exchange operations through Internet banking or other self-service channels. Already now, we have over 30% of operations conducted through Internet banking, according to our statistics. The new step will intensify this process," Raiffeisen Bank Deputy CEO Andrei Stepanenko said.
The new rules set single client identifying requirements for cash foreign currency transactions worth over $207 in ruble equivalent.
Head of the Association of Russian Banks Garegin Tosyunyan has said he fears that the complicated currency exchange procedure may prompt banks to move these transactions into the shadow and grey banking business.
"Few think about that. It is necessary to approach this issue professionally rather than simply propose overregulating everything. Banks understand that this will complicate their work," Tosunyan said.