The update establishes new account opening requirements for minors, directly affecting bank account access controls and consumer protections in payment account regulation.
The directive addresses AML/financial crime prevention by requiring enhanced oversight to prevent minor accounts being misused as money mules, which relates to anti-money laundering compliance in banking.
Specialism
The Bank of Russia's requirement for written parental consent before opening accounts for minors is a customer protection measure designed to prevent the exploitation of minors in financial crime schemes.
The directive explicitly addresses money laundering risks and the use of minor accounts as 'drops' in financial crime, requiring enhanced compliance controls to prevent such misuse.
2026-02-19 09:22:40·arahman@vixio.com
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TITLE: Russia's Central Bank Requires Written Parental Consent for Minor Bank Accounts
BODY:
On February 18, 2026, the Bank of Russia (Банк России) issued an information letter requiring credit institutions to obtain and maintain written consent from legal representatives before opening bank accounts for minors aged 14 to 18 years.
The Bank of Russia identified that certain banks have been opening accounts for minors without obtaining such consent or without maintaining documentary evidence of its receipt. This practice creates conditions for involving teenagers in high-risk financial operations as money mules or "drops" (подставные физические лица). The regulator noted that such arrangements typically facilitate money laundering, illegal business activities, or other unlawful actions.
Credit institutions must implement enhanced oversight procedures to ensure written consent from legal representatives is obtained and properly documented before account opening for minors in the specified age group. The Bank of Russia expects banks to strengthen their compliance controls to prevent the misuse of minor accounts in financial crime schemes. This directive applies to all credit organisations operating in Russia and reflects the regulator's commitment to protecting minors from exploitation in financial crime activities.
**Reference:**
Bank of Russia. "Банки должны открывать счета несовершеннолетним только с письменного согласия законных представителей" (Banks must open accounts for minors only with written consent of legal representatives). February 18, 2026. Available at: www.cbr.ru