Legislature endorses law enabling parental supervision over children's online profiles
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Breaking News: Parents can now peek at their kid's bank accounts! The law "On Banks and Banking Activity" is getting a much-needed makeover. Parents and guardians of 14-18 year-olds will now have the ability to check their kid's bank statements and deposits.
Banks are required to verify parental guardianship via the GIS "Unified Centralized Digital Platform in the Social Sphere" and the unified system of interdepartmental electronic interaction. If there's no digital info, parents need to whip out a birth certificate, adoption papers, or an act from the guardianship and tutelage authority.
This update to the law is aimed at shielding teens from financial scams involving bank cards in their names. In a nutshell, the law helps combat fraudsters who attempt to draw younglings into financial shenanigans. This includes instances where minors open bank cards for financial gain, and scammers make off with their hard-earned dough through electronic payments.
The law protects minors' right to receive wages, including through their bank account. The bill was introduced to the State Duma by Sergei Neverov and Natalia Kostenko from the United Russia faction in March 2024.
By June 2025, Elvira Nabiullina, the Central Bank's bigwig, spilled the beans about numerous dropper groups including minors who get sucked into illicit activities without knowing it. In response, she proposed a few tweaks to the rules regarding minor accounts and cards. Nabiullina pointed out that parents should have the right to check their minor's financial transactions if they spot anything fishy.
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In light of the modification to the "On Banks and Banking Activity" law, parents and guardians can now access the bank statements and deposits of their 14-18 year-old children as part of efforts to safeguard minors from financial scams. Banks are instructed to enforce the verification of parental guardianship, and any unusual financial transactions detected by parents can be a potential sign of fraudulent activity.
