Russia's New Law: Banks Must Share Customer Data with Tax Authorities

In late February 2023, amendments to Article 86 of the Russian Tax Code came into force, requiring banks to provide the Federal Tax Service of Russia with detailed information about citizens' accounts and copies of all available documents within three days of a request.

The information that banks must provide includes passport copies, bank service contracts, transaction statements for any period, account operation data, and signature and seal samples.

Online poker players in Russia may face increased scrutiny due to the new law, as tax authorities can now more quickly identify suspicious or untaxed transactions.