Russia: Duma announces law on electronic wallets, introduces identification requirements
The Russian State Parliament ('Duma') announced, on 3 August 2020, that amendments were made to the Federal Law 'On the National Payment System' and the Federal Law 'On the Central Bank of the Russian Federation (Bank of Russia)' ('the Amendments'). In particular, Duma noted that, from 3 August 2020, individuals will not be able to replenish electronic wallets without prior identification. In addition, under the Amendments, identification requirements will apply to all payments made using electronic money, including transports cards, as well as services for paying school meals. Moreover, Duma noted that the Amendments are necessary to restrict suspicious transactions used, among other things, for illegal financial transactions including those aimed at financing terrorism or drug trafficking.