Banking policies alter from August 1st, now allowing minors to open their own bank accounts with specific conditions.
New Banking Rules for Minors in Russia: What You Need to Know
Starting August 1, 2025, a new Russian federal law (No. 178-FZ) will impose restrictions on minors aged 14 to 18 regarding opening bank accounts. The aim of these new rules is to protect teenagers from potential financial fraud and misuse of banking products by ensuring stronger oversight or limiting their independent banking actions.
Under the new regulations, minors will generally require the consent of their legal representatives (parents or guardians) to open bank accounts. However, there are exceptions to this rule. Minors who are legally emancipated or granted certain independent rights by a court decision, or those who engage in activities where the law explicitly permits independent financial transactions (such as labor income accounts, scholarships, or certain social payments), will not need parental consent.
In addition, emergency or protective measures may allow banks to open accounts for minors without parental consent. The detailed exceptions to the consent requirement are embedded within the federal law.
The new rules are part of a larger effort to safeguard minors from financial exploitation. It is important to note that these rules do not seem to address the issue of minors being employed in the Krasnodar region or the issue of parents' awareness of their children's involvement in fraudulent activities, which remain concerns.
Legal representatives of teenagers will have the right to request information about their children's accounts under the new rules. Banks will receive information electronically through the GIS "Unified Centralized Digital Platform in the Social Sphere" and the Unified System of Interdepartmental Electronic Interaction.
Alexei Govyrin, a spokesperson, has stated that criminals often exploit the naivety of minors to obtain multiple debit cards, a practice that has led to millions of bank cards being issued to minors, which were later used in fraudulent activities. The issue of minors being used as 'mules' in fraudulent activities remains a concern.
For precise conditions and detailed exceptions, consultation of the full text of federal law No. 178-FZ or official regulatory guidance would be necessary. It is essential for parents and guardians to stay informed about these changes and to discuss them with their children to ensure their financial safety.
| Aspect | Details | |-----------------------------------|------------------------------------------------------| | Applicable age | Minors aged 14 to 18 | | Requirement to open account | Generally must have consent of legal representative | | Exceptions to consent | Legal emancipation, specific legal permissions, or circumstances outlined by law where consent can be bypassed | | Purpose of new rules | Restrict minors’ ability to independently open bank accounts as a protective measure |
References: [1] [Link to the official source of the federal law] [2] [Link to the source discussing the issue of minors being used as 'mules' in fraudulent activities]
- Despite the new banking rules imposing restrictions on minors, minors who engage in activities such as labor income, scholarships, or certain social payments might still be allowed to open bank accounts independently, based on the exceptions to the consent requirement stated in the federal law.
- The new regulations in Russia's banking sector aim to safeguard minors from financial exploitation by ensuring stronger oversight and limiting their independent banking actions, but they seemingly do not address the issue of parents' awareness of their children's involvement in fraudulent activities, which remains a concern.
