Currency control for the importer: step-by-step instructions on how not to receive a fine from the bank

The words "currency control" cause a nervous tic in many businesses. It seems that this is some kind of punitive system designed to make life more difficult. But if you look at it, it's not that scary. In fact, this is just a government filter that checks that money is not withdrawn from the country using gray schemes under the guise of payment for goods.

This system is based on two pillars: Law 173-FZ and the Central Bank's Instruction No. 181-I. But you hardly ever encounter them personally. Your main and only "controller" is an employee of the currency control department at your bank. He is not your enemy. He's just a man who has strict rules. His job is to check your transaction inside out, because the bank may lose its license for missing a dubious transaction. As soon as you understand this, it will become clear what he needs from you: just reinforced concrete, clear documents that remove all questions.

Conventionally, the bank's work is divided into three stages. Pre—control is when you can consult in advance on a future transaction. The current one is a check of operations that have already been performed.: debiting money and providing documents. And the next one is when the bank reports to the Central Bank or responds to requests from the Federal Tax Service and the Federal Customs Service for your already completed transactions. Understanding this logic makes it clear why it is so important to design everything correctly from the very beginning.

Step number 1: Registration of the contract. When do I need to "declare myself"?

The first thing that any foreign exchange control of imports begins with in a major transaction is the registration of a contract with a bank. It's like registering a car with the traffic police: you can't drive until you're registered.

Here you need to remember two important amounts that determine whether you need to do this.:

• The amount of the import contract is equal to or exceeds 3 million rubles.
• The amount of the export contract is equal to or exceeds 10 million rubles.

An important caveat: what should I do if you have a framework agreement without a total amount? For example, you have agreed on regular deliveries throughout the year. In this case, you must independently track the total amount of payments under this contract. As soon as it crosses the threshold of 3 million rubles, you must immediately register the contract.

And here is the golden rule, which is often forgotten.:

The contract must be registered before you perform the first transaction on it. That is, before the first advance payment or before the goods cross the border.

The Bank will assign a unique contract number (UNC) to your agreement, which will appear in all future transactions.

Step number 2: Collecting documents. What will the bank want to see?

Currency control is 99% paper work. Your main argument in the dialogue with the bank is the correct paperwork.

• The foundation is a contract. It should not be compiled according to a template from the Internet, but taking into account the specifics of your transaction. We have already discussed in detail which errors in the contract become a red rag for supervisors. If you haven't read it yet, we highly recommend it.
• Accompanying documents. Invoices, specifications, appendices, and additional agreements are always attached to the contract. All of them must be part of a single package.
• Verification of the counterparty. Here lies a dangerous misconception, which was pointed out by our expert. Many entrepreneurs think: "I pay my Chinese partner in rubles, which means that currency control does not concern me." That's not so. If your partner is a non—resident (i.e. a foreign company), it does not matter in which currency you make payments. You are still a participant in foreign exchange transactions and must comply with the requirements of Law 173-FZ.

Step number 3: Document verification. The devil is in the details

Even if you have collected all the documents, one small mistake can stop the whole process. The bank will not think of it for you, it will simply return the documents for revision. Here are some real-world examples from practice that led to the blocking of payments.:

• The invoice does not contain a reference to the number and date of the main agreement. For a bank, these are two different, unrelated documents.
• The details (INN, company name) in the contract and the invoice do not match due to a trivial typo. This immediately raises suspicions.
• We verbally agreed with the partner to pay not to him, but to his subsidiary company. The money was sent, but they forgot to make an additional agreement to the contract. The result is that the payment is blocked, and you have a headache how to do it retroactively now and not get a fine.

The conclusion is simple: don't rely on your partner's attentiveness. Double-check every piece of paper, every number and letter, as if the fate of the deal depends on it. Because that's the way it is in the world of currency control.

Step #4: Deadlines and reporting. How not to run into a fine

Meeting deadlines is what saves you from very unpleasant fines (from 50 to 100 thousand rubles per violation). Here are the main reporting forms that you need to keep in mind:

• SVO (Information about currency transactions). It is served when a currency is credited to your account (for example, you have received an advance payment). The deadline is 15 business days from the date of transfer.
• SPD (Certificate of supporting documents). Previously, it had to be submitted according to all supporting documents. Now the rules have been simplified. The bank itself sees your customs declarations and waybills from the FCS system, and you do not need to issue a SPD for them. But it is still required for documents that do not come to the bank automatically: these are certificates of completed works, documents on the settlement of mutual claims, etc.

And one more "optional", but very useful advice from an expert.:

Regularly request a Bank Control Statement (IBC) from your bank. This is a summary report on your contract. In it, you can see if all transactions are "covered" by documents and if there are any "suspended" amounts that you might have forgotten about. It's a great self-monitoring tool.,

which will help to correct the error before it turns into a fine for violating currency laws.

Currency control is not a chaotic process, but a system with clear and understandable rules. Working on a simple checklist (checking the amount, registering, collecting documents, checking banking details, meeting deadlines) is not an unnecessary bureaucracy. This is your best insurance against very expensive consequences. Following these simple steps is not only a requirement of the law, but also a sign of financial hygiene and professionalism in international trade.

Laws are a theory. But the practice is when your bank skips a payment today and wraps it up tomorrow because of a new internal instruction that is not written anywhere. We analyze such things in our Telegram channel.

Inna Zaporozhtseva