Currency control is a check of a monetary transaction carried out by participants in foreign trade activities for compliance with legislation.
Passing foreign exchange control is a legislative obligation of participants in foreign trade activities. Typically, all transactions with foreign companies and/or citizens are subject to currency control. Settlements between residents in foreign currency and cross-border payments by residents in Russian rubles are also subject to exchange control.
Banks and professional participants in the securities market carry out currency control. Our platform partners are banks that can help with transactions between different countries.
Currency conversion and transfer of money from an individual entrepreneur’s foreign currency account to his own card are not subject to currency control.
Preliminary (before foreign exchange transactions), for example, collection and preparation of documents. In some banks, you can first discuss a draft agreement with a foreign counterparty and receive recommendations from employees of the currency control department.
Current (at the time of receiving or sending the money transfer). At this stage, the bank checks the documents and may reject the transaction.
Subsequent (after the transaction) - the bank reports to the supervisory authorities.
Most banks accept documents electronically, but sometimes they may ask you to bring the originals in person to the office.
Required documents: identity card, contracts, invoices, acts, additional agreements, bank statements, customs declarations, invoices.
For outgoing transfers to your foreign accounts - documents on opening an account and a tax notification. Bank can only require those documents that relate to this transaction.
If filling out currency control documents causes difficulties, then you can always contact bank specialists who will help you avoid violations of currency control and legislation.
Here are mentioned administrative or criminal liability for violating currency laws. I’ll tell you about fines for major violations of currency legislation, but this is not a complete list.
Failure to notify about opening, closing or changing the details of a foreign account:
for ordinary people - from 4000 ₽;
for officials and individual entrepreneurs - from 40,000 ₽;
for legal entities - from 800,000 ₽.
Notification of opening, closing or changing details in violation of the deadline or form:
for ordinary people - from 1000 ₽;
for officials and individual entrepreneurs - from 5000 ₽;
for legal entities - from 50,000 ₽.
We tried to reflect the main stages of activity for participants in foreign trade activities. Team of our partner bankswill answer all your questions.
We hope that this material is useful to you!
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