The bill guarantees the right of entities comprising a banking group (bank holding company) covered by the Federal Law "On Combating Money Laundering and Terrorist Financing" to share and use the information obtained in the course of customer identification.

The draft federal law "On Amendments to the Federal Law 'On Combating Money Laundering and Terrorist Financing'", was prepared by Rosfinmonitoring.

In addition, pursuant to Russian Government Decree No. 1616-p dated July 28, 2017, P. Livadny, State-Secretary and Deputy Director of Rosfinmonitoring, was appointed official representative of the Government of the Russian Federation during the consideration by the chambers of the Federal Assembly of the Russian Federation of the draft federal law "On Amendments to the Federal Law 'On Combating Money Laundering and Terrorist Financing' (with regard to the regulation of the exchange and use of information obtained in the course of customer identification by entities comprising a banking group or a bank holding company)".

The bill was reviewed and approved at a meeting of the Government of the Russian Federation on July 27, 2017.