OREANDA-NEWS. Starting from 28 June 2016, both credit institutions and customs authorities will be able to exchange information on electronic bank guarantees. The procedure for such data transfer is set forth in the Bank of Russia-published regulation.

The regulator’s letter of information, released today, contains recommendations concerning the terms of an agreement to be made by the involved credit institutions and Bank of Russia branches to enable the transfer of electronic messages.

‘The move will enable credit institutions to interact rapidly with the Federal Customs Service (FCS of Russia) in the field of bank guarantees issued both in paper and electronically. For information exchange, protected communication channels of the Bank of Russia will be used’, explains Vasily Pozdyshev, Bank of Russia Deputy Governor.

The composition and the structure of e-messages, aligned with the FCS of Russia, will be published on the Bank of Russia website. Given the need for a month’s preparations before the launch of the scheme, credit institutions will be able to transfer information in soft copies through an alternative communication channel, as a temporary arrangement. Details of this channel will be communicated to banks shortly. The arrangement will be followed by the established procedure.

The Law ‘On Customs Regulation’ enables banks and customs authorities to avail themselves of the e-document exchange functionality, when documents are signed with a reinforced qualified signature and information is available in electronic format on bank guarantees for payments of customs duties.