Notification: one month to file
If you are a Russian currency resident, opening an account at a foreign bank must be reported to the tax office within one month. The notification is filed on form KND 1120107, most easily through the taxpayer's personal account. The same notification is filed when the account is closed and when its details change — so it is not a one-off action but an obligation for each event.
The funds-movement report is a separate duty
Many people confuse the notification with the report. The notification is filed once per event, whereas the report on the movement of funds on a foreign account is a regular document filed for the year. These are two different requirements and the liability is separate too: filing one does not replace the other.
The size of the fines
Failure to file the notification carries a fine of 4,000 to 5,000 roubles, while late filing carries 1,000 to 1,500 roubles. The amounts change from time to time, so check the rules in force before filing: liability for the report is calculated separately and may differ.
Serbia and data exchange
Do not count on the account being discovered 'on its own': the duty to declare rests on you and does not depend on whether banks exchange data with the Russian tax office. What must be reported is the fact of opening the account, not income received.
What to do step by step
Once the account is open, file the notification through the taxpayer's personal account within a month. Keep the bank's paperwork: statements and transaction confirmations will be needed for the funds-movement report. File the report once a year within the deadline rather than waiting for a reminder. If you close the account or change its details, file the notification again within the same monthly deadline. And keep an eye on your currency status: the set of obligations depends on it.
Data checked on 11 October 2026; verify current fine amounts and deadlines on the tax service website.