The Central Bank of Russia introduced anti-fraud requirements for online microloans that will require microfinance organisations (MFOs) to confirm that the bank account or card used for disbursement belongs to the borrower from 1 September 2025. Under the new requirement, MFOs must check the applicant’s name, patronymic (if any) and surname, or the first letter of the surname, against the account or card holder details. The information will be requested from the relevant bank, while applicants may alternatively provide a certified statement from the Federal Tax Service confirming their bank accounts and cards to speed up the disbursement process. The check is not required for customers who took two or more microloans in the year before the new application and used the same bank account or card, and individuals can also set a self-ban on taking consumer loans or microloans if they do not plan to borrow.
Central Bank of Russia 2025-08-28
Central Bank of Russia requires microfinance organisations to verify borrower bank details for online microloans from 1 September 2025
The Central Bank of Russia mandates new anti-fraud measures for online microloans, effective 1 September 2025, requiring microfinance organisations to verify that the disbursement account or card belongs to the borrower. Verification involves matching the applicant's details with the account holder's information, with exceptions for repeat borrowers using the same account or card. Applicants can expedite the process with a certified statement from the Federal Tax Service or set a self-ban on borrowing.