Page 106 - RusRPTJan21

the sector, as in October banks moved to it with a share of 1.3% in sector, the positive impact on the ratios of individual banks was estimated at from 0.2 to 2.1 percentage points. At the same time, not all banks applying the finalized approach, use a new approach to the assessment of mortgage loans (in October, a new diku mortgage was introduced by two banks with a share of 0.2% of the sector's assets).
8.1.7 ​Banks specific issues
The Central Bank of Russia plans a reform of licensing financial institution, as fintech digital ecosystem blur the lines of traditional banking services​, ​Kommersant d​ aily reports citing the questionnaire that the regulator distributed among some market participants. As covered by ​bne IntelliNews,​ while internet and e-commerce majors such as Yandex are venturing into the financial services terrain​, major banking groups such as Sberbank launch their own digital ecosystems that go beyond financial services. Reportedly, the reform that tackles combination of financial and non-financial services will encompass all financial institutions, such as banks, securities traders and brokers, pension funds, insurance and management companies, and others. The CBR plans to start licensing market participants based on the services provided, rather than strictly defining the nature of their operations. This would allow to license non-financial market players that provide fintech and other financial services as non-core operations. Sources told The Bell that CBR is alarmed by the rapid growth of Sber ecosystem outside of banking, as well as such internet majors as Yandex and Ozon, where fintech and non-financial services interpenetrate. It is possible that Sberbank will face additional scrutiny on how non-banking exposure influences its traditional capital adequacy metrics. Most recently the ​bank said it targets non-financial revenues at 5% of total top line​ by 2023 and at 20-30% by 2030.
The Ministry of Finance offered to give the Federal Tax Service online access to banking secrets. ​Tax officials will no longer need to write inquiries to banks to obtain data on suspicious transactions of their clients. The Ministry of Finance has prepared two bills offering the FTS to give the right to automatically receive from the Central Bank the data it has on the banking operations of companies and individual entrepreneurs, protected by bank secrecy. The Central Bank, in turn, will be able to receive information constituting tax secrets from the tax authorities. Now the tax authorities automatically receive from banks only information about opening / closing accounts or changing details. If the amendments are adopted, they will be able to receive from the Central Bank almost all the information available to it about banks and clients. We are not talking about individuals, the Federal Tax Service emphasized, but only about companies and individual entrepreneurs. The changes should increase the efficiency of the risk-based approach to tax control and prevent damage from unscrupulous taxpayers using tax evasion
106 ​RUSSIA Country Report​ January 2021 www.intellinews.com