Russia’s financial regulator Rosfinmonitoring has floated a plan to bring the National Payment Card System (NSPK) under the umbrella of anti-money laundering legislation. The aim is to enable clearer oversight of transactions conducted through the Fast Payment System (FPS) and Mir cards. This development was reported by RBC, a business news outlet.
According to a Rosfinmonitoring spokesperson, financial intelligence agencies currently request this type of data from banks because NSPK does not directly interact with Rosfinmonitoring as a participant in the national anti-money laundering framework. The proposed change would align NSPK with AML rules, making it easier to obtain the necessary information and streamline intelligence processes.
The core idea is to allow direct information requests to NSPK, with faster data returns for investigations and compliance checks. Implementing this measure would require amendments to relevant laws and coordination with the Central Bank of Russia to ensure proper governance and oversight.
Previously, authorities cited reasons why household transfers could be blocked by banks. Under the proposed framework, banks would be obligated to freeze transfers to suspicious entities and verify whether customers initiated such transactions themselves, Roskachestvo noted. This shift is intended to bolster consumer protection and strengthen the integrity of the payments ecosystem.
In related context, a high-profile case involving the spouse of a blogger named Portnyagin drew attention to the role of payment data in criminal investigations, illustrating the broader implications of data access for enforcement actions.
Analysts emphasize that integrating NSPK into AML regulation could help standardize how payment data is shared among agencies, credit institutions, and payment service providers. By centralizing access to information about transfers made through FPS and Mir cards, authorities hope to reduce the window of opportunity for illicit activity while preserving legitimate customer rights and service continuity. The discussion also touches on how such changes would interact with existing privacy protections and privacy-by-design principles within the Russian financial system.
From a broader perspective, the proposed reform signals a shift toward more transparent transaction reporting as Russia seeks to strengthen its compliance posture. Banks, payment networks, and regulators would need to align their data formats, reporting timelines, and supervisory expectations to achieve consistent, auditable processes. Stakeholders anticipate a phased approach with risk-based rules, pilot testing, and careful calibration to minimize impact on ordinary users while enhancing detection of suspicious activity.
Observers note that any expansion of NSPK’s regulatory scope would require detailed guidance on data minimization, access controls, and retention periods. Ensuring robust cybersecurity measures will be essential as more entities gain visibility into payments data. The overarching goal remains to deter money laundering, financing of terrorism, and other financial crimes, without creating unnecessary friction for compliant customers who rely on FPS and Mir for routine payments.
In conclusion, the proposal to regulate NSPK under anti-money laundering legislation reflects a strategic move to harmonize the roles of payment networks and financial intelligence units. If enacted, it could shorten information response times, improve the accuracy of investigations, and reinforce trust in Russia’s digital payments infrastructure while maintaining safeguards that protect consumer privacy and financial system stability.