The Bank of Russia has released a paper discussing the future of remote identification for financial institutions' customers. As digitalization progresses in the financial sector, there is an increasing demand for remote service channels. The central bank aims to explore further development areas, implement new mechanisms and technological solutions, and address potential risks with mitigation strategies.
Despite advancements in technology, such as audio and video conferencing, customers are still required to be physically present to open a bank account. This requirement stems from information security concerns, including identity spoofing facilitated by AI algorithms. In response, the Bank of Russia and the Federal Financial Monitoring Service plan to create special regulations allowing banks to identify customers via video conferencing. However, this measure will only be available under an experimental legal regime.
The paper also highlights the role of bank payment agents in customer identification processes.