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E-Communication with Central Bank Launches in May

11.02.2016 15:32 / TASS

Insurance companies, NPFs, asset management companies and licensed participants will switch to e-communication with the Bank of Russia starting May 10, Head of Non-Bank Reporting Department at the Central Bank Olga Goncharova told the press.

She referred to a federal law, enacted on 9 February 2016. Until 10 May, non-banks will have the oportunity to test the new communication link. From that date onwards, the megaregulator will send queries and directives to market participants online.

"We will send a query or directive to their special online account, and the reporting company is under obligation to receive, access and process the query within 24 hours", explained Goncharova, stressing that the reply must also be forwarded to the CB through the online service.

Goncahrova says the online communication channel will expedite information flow and improve the quality of oversight. It will also significantly cut paper expenses for both the companies and the Bank of Russia. In 2015 alone, the megaregulator sent non-banks some 10 thousand paper queries and directives.

Going forward, the Bank of Russia plans to launch e-communication with banks. The transition to online messaging will not cause non-banks any expenses, assured the Central Bank official.

Goncharova also stated that the Bank of Russia received some 250 thousand non-bank complaints in 2015 from private individuals.

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