The new Regulation on Money Transfer Rules came into effect on July, 9, 2012. It replaced Regulation No. 2-P of October 30, 2002 on the Cashless Money Transfers in the Russian Federation and Regulation No. 222-P of April 1, 2003 on the Cashless Money Transfers by Individuals in the Russian Federation.
The new Regulation establishes a framework for the order of all types of cashless transfers of funds in the Russian Federation, including the mechanism of “direct debit” of the payer’s bank account on the basis of the recipient’s payment request1 and other payment documents.
The payer’s bank may transfer the requested funds either on the basis of prior payer’s consent (acceptance) or subsequent payer’s acceptance.
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