According to him, this measure will help improve the monitoring of monetary transactions and allow for timely responses to possible violations of the legally established order.
The proposal from Russian lawmakers includes the implementation of electronic data exchange: the Ministry of Justice will gain the ability to request information about the accounts and money transfers of foreign agents in digital format. In turn, banks and government agencies will be required to provide such information within three working days.
Currently, Russian banks are already obligated to provide data on the accounts, deposits, and transactions of foreign agents at the request of the Ministry of Justice; however, this information is still transmitted in paper form.
