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Bank of Russia paper: development prospects of remote identification of financial institutions’ customers

9 October 2024
News

The digitalisation of the financial sector and the development of remote service channels have generated demand for remote identification of financial institutions’ customers. The Bank of Russia proposes discussing the areas of its further development, the need for implementing new mechanisms and technological solutions as well as possible risks and methods to mitigate them.

For example, regardless of the extensive use of new technologies, including audio- and video conferencing, customers are still required to be present in person to open a bank account. In particular, this is due to information security threats, including identity spoofing with the help of AI algorithms. The Bank of Russia and the Federal Financial Monitoring Service plan to develop special regulation to allow banks to identify customers by using video conferencing. However, according to the paper, this opportunity will be granted only as part of an experimental legal regime.

The paper pays special attention to the identification carried out by bank payment agents.

Preview photo: Stock-Asso / Shutterstock / Fotodom
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