Financial Institutions in Russia are no longer allowed to get in touch with their customers through popular messaging apps. The new law has been passed by the legislature and it prohibits the use of chat rooms to transfer confidential information or documents.
The New Restrictions Prohibit Banks and Brokers from Using Foreign Messaging Services
Banks located in the Russian Federation are subject to the new regulations, which prevent them from using popular applications such as Telegram, Whatsapp, Viber and the like. The Roskomnadzor, or Federal Service for Supervision in the Sphere of Telecom, Information Technologies and Mass Media, has yet to provide an official list of the affected platforms. A report from the Kommersant Business Daily sheds more light on the matter.
The bill was approved on the third reading in the State Duma and it also limits the use of foreign messaging services for the exchange of sensitive data, including personal information and documents related to money transfers and payments.
The restrictions apply not only to banks but also to all other financial organizations, including brokers, stock trading companies, management companies, investment companies, private deposit funds and pension funds. Further details can be found in the article.
The Ministry of Digital Development Will Monitor the Implementation of the New Restrictions
Anatoly Aksakov, head of the Parliamentary Committee on Financial Markets, who is also affiliated with the Russian Ministry of Digital Development, Communications and Mass Media, clarified that the enforcement of the ban will be overseen by the committee, not by the authorities from the Central Bank of Russia. He commented for Kommersant:
Credit organizations are naturally very careful about the law and, most likely, will take steps to avoid sanctions.
According to industry insiders, large players, especially those that have their own applications with support chats, rarely use instant messengers to communicate with customers. Others rely on third-party solutions to communicate with clients, send documents, close deals, upload data and report to the central bank. Tatyana Evdokimova, an investment advisor, noted: “We know what personal data protection is and we have been following the required standards for a long time.”
Do you think that the new rule will have an impact on the operations of banks and other financial institutions in Russia? Share your thoughts in the comment section below.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for information purposes only. It is not an offer or solicitation to buy or sell or
