Russia Prohibits Messaging Apps In Banks’ Customers Communication 

Key Points:

• Messaging Apps like Telegram will be banned in communication with customers in Banks.

• The restrictions apply to all financial entities, including brokers, securities firms, management firms, investment funds, private pension funds, and depositories.

Financial institutions in Russia would be unable to contact clients via instant messengers situated outside the nation since Russia prohibits it. A new State Duma regulation also bars banks from utilizing chats to convey personal information and payment papers.

Russia prohibits banks from using messaging apps and they would not be able to contact their consumers using a variety of popular messengers, according to new legislation enacted by the Russian Federation‘s lower house of parliament. The prohibition applies to platforms based in other countries. Roskomnadzor, the Federal Service for Supervision of Communications, Information Technology, and Mass Media, has yet to publish a list of the impacted apps, although Telegram, Whatsapp, Viber, and other similar apps suit the criteria, according to the business daily Kommersant.

The draft law, which was approved by the State Duma in its third reading, also prohibits the use of this sort of messaging service for correspondence containing sensitive information like personal data or documents relating to payments and money transfers. The limits apply to all financial organizations, including brokers, enterprises operating in the securities market, management firms, investment funds, private pension funds, and depositories.

The Russian Ministry of Digital Development, Communications, and Mass Media, not the Central Bank of Russia, would be responsible for overseeing the ban, according to Anatoly Aksakov, head of the legislative Financial Market Committee. Commenting for Kommersant, he stated that credit organizations are very careful about the application of the law, and are unlikely to breach it. As a result, they will undoubtedly take precautions to avoid punishment.

Members of the industry told the newspaper that instant messengers are rarely used to connect with clients since Russia prohibits it, especially by large players who have established their own applications with built-in support chats. Others use third-party solutions, most commonly secure platforms, to communicate with customers, exchange papers, conclude agreements, upload data, and report to the central bank, according to investment advisor Tatyana Evdokimova. 

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