Russia Will Introduce Additional Control Over Internet Payments
OREANDA-NEWS For the first time, it is planned to introduce the concept of a payment aggregator into Russian legislation — a specialized company that provides a variety of payments for online stores on the Internet.
Such aggregators appeared on the payment market relatively recently, but now provide payments to Russians on more than 80 thousand sites, according to the research company MARC. The largest player in this market is Yandex.Cash with a share of 31%.
Payment aggregators are supposed to be controlled through banks and non-bank credit organizations in order to comply with legislation on the prevention of money laundering and terrorist financing, it follows from the amendments to the law "on the national payment system" made to the state Duma by the Head of the Duma Committee on the financial market Anatoly Aksakov, the first Deputy Chairman of the Federation Council Committee on budgets and financial markets Nikolai Zhuravlev and two deputies.
"The activities of payment aggregators in accordance with the draft law are related to the activities of Bank payment agents in the field of acquiring in e — Commerce,"-commented in the press service of the Central Bank.
According to this information, payment aggregators in the status of a Bank payment agent will have to enter into contracts with online stores and Internet services for the provision of services on behalf of a credit institution-a bank or an non-bank. Thus they will have to:
- check your counterparties;
- participate in the settlement of disputes;
- to comply with the safety requirements for the transfer of funds, and also to open a special Bank account for the funds of taxpayers.
- Banks will be able to control the work of their agents and transmit information about their activities to the Central Bank.
Tighter regulation of payment service is introduced for more effective implementation of the AML / CFT law to activities of a payment service.