Bank of Russia and Russian Federal Bailiff Service sign information exchange agreement
This cooperation will help enhance the system for measuring risks inherent in financial institutions’ operation and better protect consumers’ rights. The agreement signed by the Bank of Russia and the Russian Federal Bailiff Service provides for a regular and comprehensive exchange of information on financial institutions and their clients. The exchange process will be centralised and comply with all information security and personal data protection requirements.
Specifically, the Bank of Russia will be able to receive information on enforcement proceedings involving financial institutions from the Russian Federal Bailiff Service. This information will enable the regulator to carry out more accurate and targeted assessments of a company’s stability and the integrity of its business model, complex analysis of borrowers’ debt burden, and analysis of financial institutions across regions. The information on court rulings in relation to institutions whose licences were revoked will help the Bank of Russia make follow-up control more effective.
Furthermore, the Bank of Russia will inform the Russian Federal Bailiff Service about licences revoked from insurers. In the future, the parties may expand the list of data exchanged under the agreement.