Procedure of Opening Account in Foreign Banks Can be Simplified by Russian Government

Such measures are believed to attract additional investments in country’s economy. 30.Jun.15 12:06 PM By Anna Nekrasova Photo Toinnov.com    509

Foreign banks can soon benefit from simpler procedure of opening correspondent accounts in Russian Federation. Representatives of the central Bank are sure that such measures will attract additional investments in country’s economy. At the moment procedure of opening correspondents account for foreign banks in Russia is rather complicated. According to existing instructions applicant should provide the regulator with all necessary documents translated into Russian and registered and notarized in Russian embassy. In addition two sets of documents are necessary. The first one is needed for initiating legal case in Russian bank while the second one is for obtaining tax certificate. At the same time applicant should also have a certificate which proves that foreign bank is officially licensed. Application on opening account is also necessary as well as full set of constituent documents ad many more. Earlier Russian regulator has already offered credit organizations to provide their own steps how to make this procedure easier for the applicants. This time such offer was made by Russian Banks Association and National Committee of Financial Market. It should be noted that correspondent accounts are necessary to proceed with transaction between domestic and foreign banks.

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