Russia asks Banks to open accounts for minors only with written consent of legal representatives
Russia has asked its banks to open accounts for minors only with the written consent of legal representatives. Credit institutions have been advised to check the availability of the written consent of legal representatives of a minor aged 11 to 18 before opening an account for him/her.
The regulator has found that some banks open accounts for minors without their legal representatives’ written consent and have no documents confirming its receipt. This creates a risk of the teenagers’ involvement in high-risk operations as straw men or money mules. These accounts may be used to launder money, conduct illegal business, or participate in other illicit activities.
The Bank of Russia draws the attention of credit institutions to the fact that amendments to Article 26 of the Civil Code of the Russian Federation (hereinafter – Civil Code) came into force on August 1, 2025. According to these amendments, opening a bank account for minor clients requires the consent of their legal representatives (parents, adoptive parents, or guardians).
According to Paragraph 1 of Article 21 of the Civil Code, a citizen is recognized as having reached majority upon attaining the age of eighteen. It should be noted that a person is considered to have reached majority on the day following their eighteenth birthday.
In order to minimize the risk of credit institutions being involved in such operations through their minor clients and to prevent violations of Russian legislation, the Bank of Russia recommends that credit institutions strengthen control over the presence of consent from legal representatives (parents, adoptive parents, or guardians) of minor clients each time a bank account is opened. Banks should establish in their internal rules the procedure for obtaining such written consent.
