Russia: MPs Introduce Draft Law to Establish New Rules in Payment Services to State Duma

On December 7, 2018, a group of State Duma MPs submitted a draft law on amendments to Law No. 161 FZ "On national payment systems", June 27, 2011, to establish new requirements in the area of payment services.

The draft bill seeks to protect consumer rights and reduce operational risks of banks, and establish requirements for interaction between banks and payment application providers. The Central Bank of the Russian Federation (CBR) will be required to disclose information about payment application providers, which is expected to contribute to the efficiency of the assessment of risk management systems and procedures implemented by banks.

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