Russia has implemented stricter regulations on money transfers and ATM withdrawals, impacting individuals and financial institutions.

Starting May 30th, a limit of 100,000 rubles has been imposed on transfers made without opening a bank account. Anonymous transfers remain possible for amounts up to 15,000 rubles. This law, adopted in May of the previous year, has now taken effect.

For simplified transfers exceeding 100,000 rubles or its equivalent in foreign currency, including those through electronic wallets, full identification and the opening of a bank account are now mandatory. This requires individuals to provide detailed personal information, including passport details, registration and residence information, and their social insurance number (SNILS). Simplified identification, requiring only passport details, remains an option for smaller transactions.

These measures are intended to align Russian legislation with international standards for combating money laundering and terrorist financing. Bank customers and transfers from their existing accounts are not affected by these new rules.

Furthermore, beginning September 1, 2025, Russia plans to introduce a daily limit of 50,000 rubles on cash withdrawals at ATMs for specific categories of citizens. This stems from a law mandating banks to implement measures to combat fraud during ATM cash withdrawals.

Banks will be required to assess whether a client is withdrawing money under duress or potential fraudulent influence before dispensing cash through an ATM. Should indications of fraud arise, the bank must limit the cash withdrawal to a maximum of 50,000 rubles per day for a 48-hour period.

Additionally, on May 15, 2025, a law came into force restricting the activities of “droppers,” individuals involved in illegal schemes who register bank cards in their names and sell them. This measure specifically targets individuals whose information is already in the Central Bank of the Russian Federation’s database of fraudulent transactions. These individuals will now be limited to transferring no more than 100,000 rubles per month, either to themselves or to others. There are also plans to introduce criminal liability for droppers, with potential penalties of up to six years of imprisonment and a fine of up to 1 million rubles.