Putin Signs Law Giving Financial Watchdog Direct Access to Russians’ Payment Data

Russian leader Vladimir Putin has signed a law granting the country’s financial watchdog, Rosfinmonitoring, direct access to Russians’ transaction data processed through the Mir payment card system and the Central Bank’s Faster Payments System (SBP), according to The Moscow Times on December 16.

Under amendments to Russia’s anti-money laundering law, Rosfinmonitoring will no longer need to request information from banks to monitor SBP transfers, which reach up to 60 million transactions per day and total about 70 trillion rubles ($882–910 billion) annually. Instead, the agency will receive the data directly from the National Payment Card System (NSPK).

Rosfinmonitoring, which maintains Russia’s registry of “extremists” and “terrorists” and has the authority to freeze accounts and block payments over suspicious activity, will now have direct, comprehensive access to transaction information.

According to the explanatory note, the law is intended to speed up Rosfinmonitoring’s inspections and reduce the administrative burden on banks by cutting the number of mass information requests. The legislation was approved by the State Duma  on December 9 and by the Federation Council on December 10.

The amendments further expand Rosfinmonitoring’s powers. Since July 1, 2025, the agency has been authorized to freeze individuals’ bank accounts and cards for up to 10 days if they are suspected of financing extremism or laundering money.

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Late last year, Rosfinmonitoring was also granted the authority to add individuals accused of “discrediting” the Russian army to its list of terrorists and extremists. The registry can also include people charged with crimes such as hooliganism, murder, intentional bodily harm, torture, or serious assault when these offenses are deemed to have been motivated by political, national, racial, or religious hatred.

Previously, the Central Bank of Russia has filed a lawsuit in a Moscow court against Euroclear, citing alleged “illegal actions by the depository that caused harm,” as well as the European Commission’s plans to use the bank’s frozen assets.

The central bank disclosed the legal action on its website on December 12.

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