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Russia Can Tighten Control over the Activities of Foreign Payment Services
18.12.2018 17:05
Russia Can Tighten Control over the Activities of Foreign Payment Services

Russia can tighten control over the activities of foreign payment services; as a result, this can lead to a ban on the operation of some of them, as RBC reports.

      The draft law introduces the concept of “a foreign payment service provider” - a foreign organization having the right to provide money transfer services in accordance with the laws of the country of registration. This definition includes, for example, Chinese AliPay and WeChat.

      The amendments suggest banning the transfer of money to Russians by foreign services that do not have a payment system operator entered into the register of the Central Bank. In order to work in Russia on legal conditions, a service will have to notify the Central Bank about the beginning of its work as an operator.

      Besides, the companies having no system operator registered in Russia must open a representative office in Russia and coordinate the rules of their activity with the regulator. Those who will not be able to register will be able to work on the country’s territory only with their customers - non-residents.

      Legal advice on Russian legislation


Author: Anna Dorozhkina

Tags: Russian laws     

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