Regulator to temporarily refrain from penalising banks for lack of UBS identification in mobile apps and on websites
Until the end of 2022, the Bank of Russia will not penalise banks if the option of opening an account or deposit, or applying for a loan through the identification in the Unified Biometric System (UBS) is not available in their mobile applications or on their websites. The Bank of Russia has published the relevant information letter on its website.
In compliance with the law, starting 1 September 2022, banks with a universal licence are required to provide their clients with an option to confirm their identity using the UBS when opening an account or deposit, or applying for a loan remotely. The regulatory easing will allow those credit institutions that have not done it yet due to the current situation, to complete technical arrangements and launch this service in their mobile applications and online banking, and improve the information security system.