Teenagers will not be able to open bank accounts without written parental consent
By ForGeeks Russia has proposed restricting teenagers’ access to banking services without parental involvement.A legislative bill providing for the mandatory written consent of legal representatives to open a bank account for a minor has already been submitted to the State Duma. Its main goal is to prevent teenagers from getting involved in fraudulent schemes.
Protecting teens from criminal schemes
According to current legislation, Russian citizens from the age of 14 can independently open accounts and issue bank cards. Criminals are increasingly taking advantage of this.Criminals gain the trust of teenagers and offer to issue a card for a small fee, after which it can be used to conduct illegal transactions, including cashing out funds stolen from other citizens.
“Teenagers are actually used as intermediaries, and their parents are unaware of what is happening,” Duma Speaker Vyacheslav Volodin said in his Telegram channel.”The law is aimed at protecting minors from rash actions and participation in crimes.”
Why is it important?”
According to experts, the volume of bank cards issued to teenagers is growing by 20-25% annually, and by 2023, more than 2 million minors will become bank customers. However, as the availability of financial services increases, so do the risks.
“Children today are becoming active users of digital services, including banking. But they often lack experience and understanding of the consequences. This is what fraudsters take advantage of,” said Anton Nemkin, a member of the State Duma Committee on Information Policy and coordinator of the Digital Russia project.
What does the bill propose?
According to the new document, banks will not be able to enter into contracts with teenagers aged 14 to 18 without the written permission of their parents or guardians. This applies not only to opening accounts, but also to issuing cards or using any financial instruments.
The bill proposes amendments to the Civil Code of the Russian Federation. It was authored by United Russia deputies Sergei Neverov and Natalia Kostenko.
President Vladimir Putin also expressed support for the initiative earlier, instructing the government to speed up the adoption of measures that would protect minors from the risks of using banking services.
The initiative was also supported by President Vladimir Putin, who instructed the government to speed up the adoption of measures that would protect minors from risks when using banking services.
Control is not a ban, but a defense
According to the authors of the initiative, it is not about restricting the rights of teenagers, but rather about creating an additional mechanism of control and security.
“We’re talking about reasonable defenses, not bans. It’s about preventing children from unknowingly becoming part of criminal schemes. This is a contribution to security and building trust in the financial system,” Anton Nemkin emphasized.
The Adolescents will not be able to open bank accounts without written parental consent was first published on ITZine.ru.
