A special recording procedure for certain securities will be in effect until the end of 2025
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04.03.2026
THE BANK OF RUSSIA HAS CALLED ON CREDIT INSTITUTIONS TO STRENGTHEN CONTROLS OVER THE AVAILABILITY OF CONSENT FROM LEGAL REPRESENTATIVES FOR OPENING ACCOUNTS FOR MINORS
The regulator reminds that, from August 1, 2025, the Civil Code of the Russian Federation expressly provides for the need to obtain the consent of legal representatives (parents, adoptive parents, or guardians) to open a bank account for minors aged 14 to 18 years.
According to the Bank of Russia, a person should be considered to have reached the age of eighteen on the day following the birthday.
Failure to comply with these rules violates the requirements of the law and creates the preconditions for the involvement of minors as front person (drops) in high-risk financial transactions, the actual purposes of which may be the laundering of criminal proceeds, the implementation of illegal business activities or other unlawful purposes.
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