The Russian government is amending its AML/CFT law. Previously, Russian citizens could not exchange cash of more than 15 thousand rubles ($204) without showing a passport at the bank. As per the amendment, Russians can now exchange cash of up to 40 thousand rubles ($544) without a passport.
The amendment will also allow the use of a simplified user identification procedure for the exchange of cash in the range 40 thousand ($544) to 100 thousand rubles ($1360).
However, there are still some exceptions to these amendments. For instance, if a bank employee suspects a client of ML/TF, they will have to present an identity document.
Source: Official Website of Legal Information, Government of Russia
