Greater Transparency in Store for Russian Banks with the Enactment of a new Federal Law

Russian Banks are to obtain access to data on company accounts with the help of the Federal Tax Services of RF (FNS). Access will be provided through the system of interdepartmental online interaction on a round-the-clock basis. The new service came within the framework of the Federal Law of 07.08.2001 No.115-FL “On the counteracting of criminally gained income legalization (laundering) and terrorism financing”.

This kind of data is crucial for credit institutions to conduct customers’ checks complying with Art. 7 “Rights and obligations of organizations engaged in financial transactions” specified in the aforementioned Federal Law as well as to identify shell and/or fraudulent companies as well as to assess prospective borrowers before taking decision on a credit granting.

Information about active accounts of companies and sole entrepreneurs opened in other banks may indicate the fact that business operations including counterparties are real. This is a welcome move towards greater transparency. This new method of data sharing may accelerate the opening of accounts, cut time to evaluate credit applications process and monitor current credits accounts more effectively.

Users of the Information and Analytical system Globas https://globas.credinform.ru/en-GB/home/auth – credit management solution developed by Credinform Russia – can search and verify not only all companies and sole entrepreneurs registered in Russia but also all bank and non-bank credit institutions.