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The Bank Of Russia: Data Storage Requirements Will Be Changed
March 17, 2017 00:39


The Bank of Russia plans to strengthen requirements to the storage of documents and customers’ information by banks. The storage periods will grow, on the average, twice, and for some kinds of documents — seven times, up to 35 years.

The consent to the processing of personal data will be necessarily stored for 75 years, as the publication notes.

Bankers believe that the strengthening of requirements will lead to higher costs for document storage: the costs for rental of premises for archives and ensuring documents protection. The list of those dissatisfied with the new requirements includes major credit organizations, they have already appealed to the Association of Russian Banks (ARB).

“This measure is simply outrageous, that is why we have already written to the Central Bank requesting to cancel the order” - the Head of ABR Garegin Tosunyan told to the newspaper. According to him, the new standards will force lending organizations to shift a part of the additional costs to customers, which would increase the cost of credits in general.


Author: Anna Dorozhkina


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