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CMS Helps MoneyGram Register as Operator of Foreign Payment Systems in Russia

CMS Helps MoneyGram Register as Operator of Foreign Payment Systems in Russia

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CMS has helped money transfer provider MoneyGram register as an operator of a foreign payment system with the Central Bank of the Russian Federation.

According to CMS, "in 2019 the Russian Duma passed a law introducing 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 registered by the CBR in April 2020."

CMS's team was led by Partner Konstantin Baranov and included Associates Darya Lukoyanova, Alexander Zhuravkov, Elizaveta Volkodav, Irina Skvortsova, Elizaveta Rakova, and Ophelia Amirova.