Regulator advises that banks strengthen control over payment agents
When performing simplified identification of clients, some bank payment agents illegally use individuals’ personal data and open electronic wallets for these individuals without notification. Such cases are revealed by the regulator.
The above payment methods are used for high-risk transactions aimed at settlements with shadow businesses that include transfers to illegal online casinos and bookmakers. This entails negative consequences for both banks and individuals.
Payment agents may be represented by legal entities or individual entrepreneurs who perform some banking transactions under a contract with a credit institution. The regulator recommends that banks exercise due care when selecting such institutions and check how carefully they comply with the anti-money laundering laws. If a bank identifies that a payment agent acts unfairly, it should unilaterally terminate the contract with such an agent. The regulator reminds that it is the bank that is responsible for the payment agent’s compliance with the requirements for client identification.