Teenagers will have to coordinate the opening of a bank account with their parents
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They want to prohibit teenagers from opening accounts without parental consent. Two bills on this topic were introduced into the Duma. The first explicitly requires banks to request the consent of a legal representative when concluding an agreement. The second allows parents to receive statements of their children’s accounts. The authors of the idea explain that minors are actively involved in fraudulent schemes, and teenagers become so-called droppers who cash out money obtained illegally.
At the same time, for most operations, children only need cards linked to their parents’ account, notes Managing Director of the Expert RA rating agency Yuri Belikov: “Personal accounts for teenagers can be opened, probably, with the aim of increasing their financial literacy and, in principle, training in working with bank cards and accounts. It is clear that in the vast majority of cases, the sources of funds for replenishing them will still be associated with the parents, so this story is in most cases controlled. There may probably be individual precedents when teenagers are involved in various cash-out schemes. Probably, such a problem was noticed, and now they are taking some kind of countermeasures.
It appears that opening an account in a teenager’s name can increase their independence in making financial decisions. But, probably, in Russia there is not much difference whether to have a card linked to the parent’s account or the child himself. Most likely, a card in the name of a parent with a set limit will be enough for a teenager to spend pocket money.
The introduction of mandatory parental consent for opening accounts will not affect the fundamental characteristics of the banking sector, such as the volume and stability of liabilities. But certain inconveniences for such clients in case of employment are, of course, possible. Excessive bureaucracy and red tape with documents can even work against the employment of teenagers. So there are still some pitfalls here that are worth exploring.”
The Central Bank had previously recommended that credit institutions open accounts for teenagers only with parental consent. But the authors of the bill note that not all banks listen to this. Will the initiative of deputies help in the fight against fraudsters? Alexander Sotov, head of the financial investigations and anti-corruption practice at FBK, answered this question to Kommersant FM: “Rather, I would focus on all sorts of students and declassed elements; according to my data, they are much more likely to turn out to be droppers.
But I do not exclude at all that attention may also be paid to children. It will probably be easier for scammers to persuade children to participate in illegal schemes. There is a certain feng shui in this, I see it, rather, as work for the future.
Of course, children will be able to use accounts opened with the consent of their parents for fraudulent schemes, but then at least some kind of parental control will be activated. The idea is somewhat sound, but its technical implementation needs some adjustment.”
The Ministry of Internal Affairs proposed to introduce criminal liability for droppers in 2023. But Kommersant FM’s interlocutors said that because of such an initiative, it is the victims of scammers who may suffer.
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