The State Duma adopted in the first reading a bill that prohibits banks from opening accounts for teenagers aged 14 to 18 without written permission from their parents or legal representatives. Previously, banks often ignored the recommendations of the Central Bank and issued debit cards to minors without the consent of adults, using the bank deposit regime.
Because of this, fraudsters could involve teenagers in criminal schemes, using their cards to cash out stolen funds. The new law is designed to prevent such cases by strengthening control over the financial transactions of minors.
If adopted, the bill will be the first step towards creating a family financial circuit where the child, parent, and bank work together, and the usual model of serving teenagers as independent clients becomes obsolete.
Deputies want the financial transactions of teenagers to be safer and more controlled, which will protect children from rash actions and fraud.
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