Bank Account

For many starting busiensses banks present communication challenge. Russian banks are highly regulated institutions which makes each of them invent its 'proprietary' set of compliance criteria. The 'Know Your Client' preliminary client evaluation processes are intransparent and arbitrary.

Foreign currency operations are regulated by specific laws aimed at counter-action to financing of illigal activities (money laundering, terrorism etc). Coupled with high basic levels of incompetence, bureaucracy and poor motivation of bank workers, these laws make currency control departments the most frustrating places in every bank.

Opening bank account and further interactions with a bank are often a major waste of time.

Another consideration is bank reliability. Of Russia’s 900+ banks only few have enough liquidity for banking per se, some banks get chronically involved in questionable activity and end up with their licenses revoked. Businesses are in the end of the queue for compensations in this case.

Some banks routinely fink to the tax authority/state financial intelligence about their clients' operations.