Lawyer explains which documents to prepare before making a large cash deposit at a bank

What the Central Bank recommends and what a lawyer advises

Before depositing a large amount of cash at a bank, it is worth preparing documents in advance that explain the origin of the money and the history of how it was kept. This was stated by lawyer and managing partner of the Grikevich and Partners bureau Oksana Grikevich in a conversation with Gazeta.Ru. She referred to the methodological recommendations of the Bank of Russia No. 5-MR dated October 26: for cash transactions by individuals of 5 million rubles or more — whether in a single transaction or cumulatively over a calendar month — the Central Bank recommends verifying the sources of funds before the transaction is carried out. The document provides for exceptions, including cases where the bank already has the necessary verified information.

Which documents may come in handy

According to Grikevich, the documents should form a clear chain: where the money came from, when it was received, where it was kept, and why the amount being deposited matches this. If the funds came from the sale of property, a contract and proof of payment will be useful; if the money was first deposited into an account and then withdrawn, a bank statement will do. Years-long savings can be confirmed with income certificates, tax returns, documents on large inflows and the closure of previous deposits. Some lost records, she advised, can be requested from banks, employers and government services.

What else the expert warned about

Grikevich emphasized that an amount below 5 million rubles does not rule out questions from the bank under anti-money-laundering legislation, and deliberately splitting transactions can also raise suspicions. Before visiting the bank, she recommended clarifying the list of documents, the way they should be submitted and the expected review period. Earlier, as the outlet notes, an economist explained who might benefit from a foreign deposit.