The State Duma, the lower house of the Russian parliament, approved Friday the third reading of amendments seeking to tighten measures against money laundering and terrorist financing.

Under the bill, individuals exchanging cash worth more than an equivalent of 15,000 rubles (US$560) for another currency must confirm their identity. The identification of individuals exchanging up to an equivalent of 15,000 rubles is not mandatory but may be required if they are suspected of money laundering or terrorist financing.

Currently, mandatory identification is only required for foreign exchange operations worth more than 600,000 (US$22,300) rubles.

The bill also seeks to apply the law on money laundering and terrorist financing to companies that accept and process payments for housing, utilities, telecommunications and some other services.

To become law, a bill must be approved in three readings by the State Duma and in one reading by the Federation Council, the upper house of parliament, before being signed by the president.