Russian banks will be required to obtain parental consent for opening accounts for teenagers

Russian banks will be required to obtain parental consent for opening accounts for teenagers

Banks will be prohibited from entering into an account opening agreement with children aged 14 to 18 without the consent of their legal representatives – parents, adoptive parents, etc. Such a bill was approved by the government, Izvestia writes.

The Ministry of Education and the Ministry of Finance, whose position is coordinated with the government apparatus, approved the draft law prepared by deputies Serhiy Neverov and Nataliya Kostenko. The Bank of Russia also supports this bill, the press service of the Central Bank (CB) reports.

The project is amendments to Art. 846 of the Civil Code (CC) and Art. 26 of the Federal Law “On Banks and Banking Activities”. In the first case, the article is supplemented with a clause stating that “the bank has no right to conclude a bank account agreement with minors aged 14 to 18 without the written consent of their legal representatives.”

The second amendment with the addition to the law “On banks…” concerns statements from accounts and deposits of teenagers aged 14-18. According to the draft law, they must be issued by the credit organization “to themselves and (or) their legal representatives.”

Thus, after the adoption of the document, the problem with the so-called parental control over the financial transactions of 14-18-year-olds will be solved. Adults will have the legal right to be aware of the opening of accounts of their minor children with limited legal capacity, including card accounts, and their movements.

Currently, they are actually deprived of such an opportunity. This leads to the fact that fraudsters involve teenagers in dropperism, when they agree to transfer stolen funds through their accounts for money, or dubious network schemes disguised as games, Izvestia notes.

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