Amendments expanding DFA issuers’ powers pass second reading

The State Duma of the Russian Federation approved in the second reading a bill that provides for remote identification of foreign clients by platforms issuing digital financial assets (DFA). «Интерфакс».

Поправки are being introduced to the law on countering money laundering of proceeds obtained by criminal activity. In the authors’ view, this will simplify opening accounts for non-residents, including without personal presence.

In addition to DFA issuers, the list includes professional market participants in securities (except investment advisers), operators of an investment platform, management companies of investment funds, mutual funds, and non-state pension funds. They will receive mandates to perform identification from Russian banks.

The bill also lowers the thresholds at which operations on behalf of foreign clients who have undergone remote identification are subject to mandatory control. For non-resident individuals, the amount is 50,000 rubles or more; for legal entities, 500,000 rubles.

The government, in agreement with the FSB and the Bank of Russia, approves the list of states whose residents will be able to conduct remote identification in Russia.

If adopted, the law will take effect ten days after its official publication.

Earlier, Ivan Chebeskov, Director of the Department of Financial Policy at the Ministry of Finance, forecasted growth of the DFA market to 5–10% of the Russian stock market’s volume within five years.