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Ministry of Justice

Russian Federation

On September 10, 2003 No. 5058

SPECIFYING OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of August 7, 2003 No. 1317-U

About procedure for establishment of correspondence relations by authorized banks with the nonresident banks registered in the states and in the territories which are providing preferential tax regime and (or) not providing disclosure and provision of information when carrying out financial transactions (offshore zones)

(The last edition from 18-02-2014)

Based on the Law of the Russian Federation "About currency control and currency exchange control" (Sheets of the Congress of People's Deputies of the Russian Federation and the Supreme Council of the Russian Federation, 1992, N 45, Art. 2542; Russian Federation Code, 1999, N 1, Art. 1; N 28, of Art. 3461; 2001, N 23, Art. 2290; N33 (part I), Art. 3432; 2002, N1 (part I), Art. 2; 2003, N 1, Art. 2; Art. 7; N 9, of Art. 804; "The Russian newspaper", 09.07. 2003, N 32), Federal Law "About Banks and Banking Activity" (Sheet of the Congress of People's Deputies of RSFSR and Supreme Council of RSFSR, 1990, N 27, Art. 357; Russian Federation Code, 1996, N 6, Art. 492; 1998, N 31, Art. 3829; 1999, N 28, Art. 3459; Art. 3469; 2001, N 26, Art. 2586; N33 (part I), Art. 3424; 2002, N 12, Art. 1093; "The Russian newspaper", 01.07. 2003, N 126), article 4 of the Federal law "About the Central Bank Russian Federation (Bank of Russia)" (The Russian Federation Code, 2002, N 28, the Art. 2790) and according to the solution of the Board of directors of the Bank of Russia (The protocol of N 18) is entered of 25.07.2003 the following procedure for establishment of correspondence relations by authorized banks with nonresident banks.

1. Establishment of correspondence relations:

opening to authorized banks of accounts NOSTRO in foreign currency in registered in foreign states or in the territories which are providing preferential tax regime and (or) not providing disclosure and provision of information when carrying out financial transactions (further - offshore zones), foreign banks which are understood as the organizations which are banks or other credit institutions, having the license or other document granting the right to banking operations, issued by authorized body of adoptive state, or being the legal entities having the right to open correspondent accounts by the legislation of foreign state (further - bankinerezidenta);

opening by authorized banks to nonresident banks of accounts of LORO in foreign currency or in currency of the Russian Federation according to the foreign exchange legislation of the Russian Federation.

The list of the states and the territories where offshore zones are located, is given in Appendix 1 to this Specifying.

2. Authorized banks have the right to establish correspondence relations with the nonresident banks registered in the states and in the territories specified in Item 1 of Appendix 1 to this Specifying, in accordance with the legislation of the Russian Federation without requirements of Item 3 presents of Specifying.

3. Authorized banks have the right to establish correspondence relations with the nonresident banks registered in the states and in the territories specified in Items 2 and 3 of Appendix 1 to this Specifying only in case of observance of one of the following conditions:

3.1. the nonresident bank has the size of own means (capital) at least amount, equivalent to 100 million euros, calculated at the rate of the Central (national) Bank of the state in the territory of which the nonresident bank is registered, for the date of the last accounts presentation by nonresident bank preceding date of the conclusion of the agreement on establishment of correspondence relations and submitted the following documents with the translation into Russian certified in accordance with the established procedure:

copies of audit opinions about reliability of the financial reporting of nonresident bank with appendix of forms of the financial reporting which reliability was confirmed by auditing organization (auditor) in case of pronouncement of the conclusion about reliability of the financial reporting of nonresident bank, for the last three years of activities;

the documents confirming availability at nonresident bank of permanent office in the state where the nonresident bank is registered;

3.2. nonresident banks meet the requirements specified in Appendix 2 to this Specifying.

4. With the nonresident banks which are in relation to authorized banks subsidiary or main banks and also with the Central (national) Banks of foreign states and the territories which are specified in Appendix 1 to this Specifying authorized banks establish correspondence relations in accordance with the legislation of the Russian Federation without requirements of Item 3 presents of Specifying.

5. Authorized banks provide in the Bank of Russia information on the opened correspondent accounts of NOSTRO in nonresident banks and accounts of LORO to bankamnerezidenta according to the procedure, established by the Bank of Russia.

6. This Specifying becomes effective after 10 days after day of official publication in "the Bulletin of the Bank of Russia".

Chairman of the Central bank of the Russian Federation

S. M. Ignatyev

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