Banks to open accounts for minors only with written consent of legal representatives
18 February 2026
News
Credit institutions are advised to check the availability of the written consent of legal representatives of a minor aged 11 to 18 before opening an account for him/her. This follows from the Bank of Russia’s information letter.
The regulator has found that some banks open accounts for minors without their legal representatives’ written consent and have no documents confirming its receipt.
This entails a risk of the teenagers’ involvement in high-risk operations as straw men or money mules. These operations are usually carried out to launder money, conduct illegal business, or participate in other illicit activities.
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