The Central Bank of Russia issued an information letter advising credit institutions to verify that they have written consent from a minor’s legal representatives before opening an account for customers aged 11 to 18. The regulator identified cases where banks opened accounts for minors without written consent and without documents confirming its receipt. It warned that this increases the risk of teenagers being involved in high-risk operations as straw men or money mules, including activity linked to money laundering, illegal business, or other illicit operations.
Central Bank of Russia 2026-02-18
Central Bank of Russia advises banks to obtain written consent before opening accounts for minors aged 11 to 18
The Central Bank of Russia advised credit institutions to ensure written consent from a minor's legal representatives before opening accounts for customers aged 11 to 18. The regulator highlighted cases of non-compliance, warning of increased risks of minors being used in high-risk operations, including money laundering and illegal activities.