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CMS advises MoneyGram on inclusion into the register of operators of foreign payment systems by the Central Bank of the Russian Federation

02 July 2020

CMS has advised MoneyGram, one of the largest providers of money transfers in the world, on inclusion into the register of operators of foreign payment systems by the Central Bank of the Russian Federation (the CBR).

Partner Konstantin Baranov led the project team of CMS Russia and was supported by associates Darya Lukoyanova, Alexander Zhuravkov, Elizaveta Volkodav, Irina Skvortsova, Elizaveta Rakova and Ophelia Amirova.

In 2019 Russian Duma passed a law which introduced registration and regulatory requirements for foreign payment systems operators acting in Russia. 

To comply with the new requirements, foreign payment systems operators have to open representative offices in Russia and report their operations to the CBR. MoneyGram became the first foreign payment system that was registered by the CBR on 24 April 2020.

Related people

Portrait of Konstantin Baranov
Konstantin Baranov
Partner
Moscow
Darya Lukoyanova
Alexander Zhuravkov
Elizaveta Volkodav
Irina Skvortsova
Elizaveta Rakova
Ophelia Amirova
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