New Money Transfer Regulations Have Come into Effect in EAEU Countries

The new regulations for money transfers by individuals across borders within the Eurasian Economic Union (EAEU) countries (Russia, Belarus, Armenia, Kazakhstan, and Kyrgyzstan) have come into force. This was reported by the Federal Customs Service of Russia.

Individuals crossing borders will be required to declare their cash if the amount exceeds $100,000, and they will also need to confirm the source of these funds. This requirement also applies to checks, bonds, and bearer securities, which can be cashed.

To confirm the origin of the funds, citizens will need to provide banking documents or documents confirming the execution of civil law transactions. The Eurasian Economic Commission approved the establishment of the new regulations in August 2019. The purpose of the changes is to combat the movement of funds that could be used for financing terrorism or laundering criminal proceeds.