Translation. Region: Russian Federal
Source: Central Bank of Russia
An important disclaimer is at the bottom of this article.
The Bank of Russia is recording cases in which underage bank clients (aged 14 to 18) are drawn into money laundering operations, illegal entrepreneurship, dropshipping, and other illegal schemes.
To banks recommended Warn teenagers about such risks immediately upon opening an account, and also inform their parents or other legal guardians about the cards issued to them. For this purpose, the terms of contracts, including existing ones, may be clarified.
Banks are advised to identify in their internal anti-money laundering documents indicators that may indicate the involvement of minors in illegal transactions.
Thus, to form an idea of the teenager's typical transfer transactions, banks should find out which relatives may transfer money to these clients and to whom the minors themselves plan to transfer funds. If it later turns out that the teenager has begun receiving large transfers from an unknown person or has begun transferring large amounts themselves, the bank will contact the minor's representative. The agreement may also specify a limit on certain transactions. Furthermore, if the bank suspects that the transactions are not being made by the teenager themselves or that they are acting under someone else's influence, the credit institution has the right to refuse the transaction.
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Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.