Translation. Region: Russian Federation –
Source: Central Bank of Russia
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Credit institutions should carefully monitor whether there is written consent from legal representatives of minor clients aged 14 to 18 when opening a bank account for them. This is stated ininformation letter Bank of Russia.
The regulator found that some banks open accounts for minors without such consent or do not have documentary evidence of its receipt.
This creates the preconditions for involving teenagers in high-risk financial transactions as front individuals—money mules. Typically, the purpose of such transactions is money laundering, illegal entrepreneurial activity, or other illegal activities.
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