According to the updated legislation, it is now possible for licensed forex dealers to conclude contracts with clients using the Unified Biometric System.
Representatives of the Russian Self-Regulated Association of Forex Dealers made a statement that the Bank of Russia allowed OTC market participants to enter into contracts with clients remotely. Now there is no need to visit the offices of intermediaries to start trading on the exchange, which greatly simplifies the entire process.
Back in the summer of 2020, the Bank of Russia responded to a request for the possibility of remote data identification using the Unified Biometric System (UBS). O Skorobogatova, who serves as First Deputy Chairman of the BR, said: “Through the joint efforts of the State Duma and a number of supervisory organizations, Bill 613239-7 was finalized to amend Article 7 of the Federal Law “On Combating the Legalization of Illegal Profits.” These measures are aimed at the possibility of developing the identification of clients without their direct presence (remotely). Among other things, it is planned to expand organizations which will be able to identify clients using UBS”.
According to the finalized bill, all credit institutions and other companies involved in transactions with customer assets, the control over which is entrusted to the Bank of Russia, have access to remote work with traders in the foreign exchange market. “Thus, for professional participants of the securities market, including forex dealers, it will be possible to use the UBS after the adoption of the relevant law,” O Skorobogatova said.
Since 11.01.21, the law came into force, after being signed by the President of the Russian Federation on 29.12.20.
“The new regulatory act allows forex dealers to conclude contracts even if traders are not present in person at the office. It is enough to use the Unified Biometric System”, – stated in SRO AFD.
Head of the Association of OTC Intermediaries E. Masharov commented: “Many have already started to bury the legal Forex industry, but I want to note that the AFD has always pursued the interests of traders and other consumers of financial services. We have been pursuing our goal for a long time, and finally achieved it, despite all the difficulties we had to face.