Autumn Limit on Bank Cards per Individual in Russia Announced
In Russia, the Government is contemplating a significant reduction in the number of bank cards an individual can possess. Currently, there is no legal cap on the number of bank cards a person can have, a situation that the authorities aim to change.
Anatoly Aksakov, the head of the State Duma's Financial Market Committee, revealed that the proposal to limit the cards issued to one person to 20, with a maximum of five cards per bank, is underway. The proposal is set to be presented to the lower house in June, with potential implementation as early as autumn.
Aksakov emphasized that the discussion will focus on the number of cards, not banks. "The proposal currently stands at a total of 20 cards and five per bank, but I think that's still excessive, we’ll discuss it," the parliamentarian stated.
The proposed cap is an attempt to address the issue of "dropper" incidents, wherein individuals, often influenced by criminals or motivated by money, issue and surrender their bank cards to fraudsters for withdrawing stolen funds.
Previously, Elvira Nabiullina, the Central Bank's head, proposed limiting the number of bank cards a person can have at a meeting with the president and government. She asserted that a typical person does not require numerous cards from various banks.
Experts estimate that less than 0.5% of clients have more than 20 active cards, implying that only a small fraction of the population would be affected by this new measure. Given that there are approximately 100 million users of banking services in Russia, several hundred thousand citizens could potentially be affected.
Experts also suggested that the restriction would not cause significant inconvenience for honest clients who actively use services from different financial institutions, provided that the number of cards held from a single institution does not exceed five. However, limiting cards to five per bank may not always be convenient due to the varying product lines and frequent updates from banking institutions, as noted by Mikhail Voronko, the deputy director of Zenit Bank's retail business development department.
Moscow, Natalia Petrova, © 2025, RIA "Novy Day"
[1] Enrichment Data: The new law, if passed, would significantly reduce the number of bank cards one person can hold. The proposed limit stands at 20 cards, with a maximum of five cards from any single institution. This move is aimed at combating financial fraud, particularly the activities of "droppers" who create numerous accounts and use them to withdraw stolen money. The authorities believe that a typical person does not require a large number of cards from different banks. The proposed cap is part of broader efforts to enhance financial security and reduce illegal financial activities. Russia is also set to tighten control over transfers from card to card to ensure that all transactions are properly documented and taxed starting from June 1, 2025.
- The Russian Government is deliberating a new law that aims to limit the number of bank cards one individual can possess, with the proposed cap set at 20 cards, and a maximum of five cards from any single institution.
- This proposed cap is designed to combat financial fraud, specifically the activities of "droppers" who create multiple accounts to withdraw stolen funds, as highlighted by the State Duma's Financial Market Committee head, Anatoly Aksakov.
- The new law, if passed, forms part of Russia's broader efforts to enhance financial security and reduce illegal financial activities, also including stricter control over transfers from card to card, effective from June 1, 2025.
