International card schemes may face new compliance headaches in Russia after laws were passed designed to prevent them from complying with US and EU sanctions in the country’s banking sector.
An amendment to a federal law on the national payment system overhauling the regulation of foreign payment systems in Russia was signed into law by President Vladimir Putin earlier this month.
The changes have also brought an end to a market which could be served by foreign digital payment providers, which were previously free to bypass local regulations on anti-money laundering (AML), lawyers told PaymentsCompliance.
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