The State Duma of the Russian Federation in the third final reading adopted a law on simplified identification. Changes are made to Art. 7 of the Federal Law “On Counteracting the Legalization (Laundering) of Criminally Obtained Incomes and the Financing of Terrorism”.
The adopted law provides for an increase in the amount of limits for the mandatory identification of transactions when accepting insurance premiums from individual clients under an OSAGO agreement and a voluntary vehicle insurance agreement from 15 to 40 thousand rubles.
The law allows for simplified identification using a driver's license. Currently, this requires a TIN or SNILS. As the authors of the bill pointed out, these documents are often not at hand with citizens, in contrast to a driver's license, which also allows a person to be identified.
In addition, the document allows organizations that conduct processes with cash and other financial assets to check their potential customers through credit organizations that have already carried out it. This will reduce their running costs.
The changes should take effect 180 days after the day of the official publication of the Federal Law.
