Starting September 1, 2025, microfinance organisations (MFOs) in Russia will be required to verify that the bank account or card details provided for online microloan disbursement actually belong to the borrower. This measure aims to prevent cases where fraudsters take out microloans using another person’s identity and have the funds transferred to their own accounts.
Under the new rules, MFOs must check the name, patronymic (if applicable), and surname—or at least the first letter of the surname—of individuals applying for a microloan against those of the bank account or card holder receiving the funds. To do this, MFOs will request information about account or card holders from banks. Alternatively, applicants can provide a certified statement regarding their bank accounts and cards issued by the Federal Tax Service to speed up loan processing.
The regulation does not require MFOs to verify account details for clients who have previously taken out two or more microloans within a year prior to their new application using the same bank account or card.
Individuals who do not intend to apply for a microloan in the near future may also set a self-ban on consumer loans or microloans.
“From 1 September 2025, microfinance organisations (MFOs) must verify whether the details for transferring an online microloan are actually the details of a borrower. This will help counteract fraudsters who apply for microloans on behalf of unwitting individuals and receive the money.”
“MFOs will be obliged to check the name, patronymic (if any), and surname (or the first letter of the surname) of the person wishing to raise a microloan against the details of the holder of the bank account or card where the money will be credited. To this end, MFOs will request information about the account or card holder from the bank. Furthermore, individuals may provide on their own a certified statement about their bank accounts and cards issued by the Federal Tax Service. This will accelerate the disbursement procedure.”
“MFOs are not required to check the details of the clients who earlier raised two or more microloans within a year before the date of the new application and used the same bank account or card.”
“If an individual does not plan to raise a microloan in the near future, he/she may set a self-ban on consumer loans or microloans.”
