The lawyer pointed out the risks of concluding bank contracts via video communication

The Bank of Russia's initiative to introduce video banking contracts is consistent with the general course towards digitalization, but raises a number of legal issues. Sofya Lukinova, head of the Legal department of VMT Consult, told Izvestia about this on April 8.

According to her, the very form of remote conclusion of the contract does not contradict the law, as long as the requirements for identifying the client and recording his consent are met.

"Russian law already allows for remote transactions using an electronic signature, but video communication as an independent tool does not yet provide the same legal certainty. The key risk is associated with proving the fact of the conclusion of the contract and the content of the will of the parties. In the event of a legal dispute, the bank will have to confirm that it was a specific person who was in touch, was aware of the terms of the agreement and voluntarily agreed," the expert said, noting that the video could be challenged in terms of reliability and integrity.

Lukinova paid special attention to identification issues. Even when using biometrics, there are risks of identity substitution, the use of deepfakes, or pressure on the client from third parties. In such situations, she stressed, the responsibility usually falls on the bank.

The expert added that the development of such tools requires additional elaboration of protection mechanisms and evidence base in order to reduce legal risks for all participants in the process.

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On the same day, the newspaper Vedomosti, citing Alexander Naumov, Chairman of the National Financial Market Council, reported that the Bank of Russia plans to give credit institutions the opportunity to sign contracts with new clients via video link. An appropriate pilot legal regime is currently under development.

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