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Top 10 Brokers to Launch Remote Account Opening

08.09.2015 12:00 / Vedomosti

Russian brokers may launch remote account opening in the coming weeks. The Ministry of Communications is due to grant brokers access to the Unified ID and Authentication System (ESIA), says National Stock Market Participants Association (NAUFOR) Chairman Alexey Timofeev.

MinComm is currently debating this with Minfin and the CB, and is ready to amend its regulations in order to connect non-banks to ESIA, says a source close to the Ministry of Communications. “According to Act 115-FZ, only banks are allowed to connect to ESIA, non-banks do not have the right to do so”, states a Ministry of Communications representative.

“Simplified identification by brokers <...> promotes wider access to financial services and eases regulatory pressure on brokers”, comments the Central Bank press office.

ESIA is now available to a total of 17 banks. However, remote account opening is not an option the banks can use, said the Ministry of Communications representative: “Bank account opening requires full, not simplified identification”. ESIA enables banks to use simplified client identification in money transfers without account opening, the Minfin rep explained.

ESIA was originally developed by Rostelecom for State Services online portal, used for paying fines, taxes or obtaining documents. The portal has 17.3 mln registered users, according to Rostelecom: “The system supports various identification methods: password, e-signature, as well as bi-factor (permanent password combined with a one-time texted password)”.

“Registered ESIA users have already passed identification at the State Services portal. Besides, they will transfer money from their bank account, therefore they have been identified by the bank”, said Timofeev. 10 NAUFOR members are ready to apply for ESIA access.

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