Digital transformation of the banking system in the context of sustainable development

Purpose The purpose of this paper is to study the current state of the Russian banking system in the context of digital economy development, to establish and identify the benchmarks and needs of legal regulation, to study the potential possibilities of digitalization of relations in the banking sect...

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Bibliographic Details
Published in:	Journal of money laundering control Vol. 25; no. 1; pp. 165 - 180
Main Authors:	Tsindeliani, Imeda A, Proshunin, Maxim M, Sadovskaya, Tatyana D, Popkova, Zhanna G, Davydova, Mariam A, Babayan, Oksana A
Format:	Journal Article
Language:	English
Published:	London Emerald Publishing Limited 03-01-2022 Emerald Group Publishing Limited
Subjects:	Bank technology Banking industry Benchmarks Central banks Developing countries Digital economy Digital technology Economic crisis Financial inclusion Financial services Globalization International finance International organizations International regulations LDCs Legislation Market potential Regulation of financial institutions Securities markets Solvency State regulations Strategic planning Sustainability reporting Sustainable development Technological change Russia Financial technology Financial stability Financial services market Digital technologies Banking regulation and supervision
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Summary:	Purpose The purpose of this paper is to study the current state of the Russian banking system in the context of digital economy development, to establish and identify the benchmarks and needs of legal regulation, to study the potential possibilities of digitalization of relations in the banking sector in the mechanism of implementing prudential rules. Design/methodology/approach Using the method of political and legal analysis used in this study, the legal guidelines for the digitalization of the banking sector and the financial services market have been determined, which in the Russian legal system are strategic planning documents. Findings International research in the field of banking indicates that digitalization and globalization of the economy stimulate the processes of international regulatory cooperation and harmonization of legislation, the use of new approaches in the development and adoption of regulations in the financial market. The growth of digitalization of relations in the banking sector will contribute to the effective implementation of prudential rules, including those related to the need to protect public interests. Originality/value The study revealed a number of issues related to the digitalization of the activities of credit institutions that are professional participants in the securities market and the central bank as a financial mega-regulator, requiring a legal solution. Measures aimed at improving the current legislation and procedures of state regulation and supervision are proposed.
ISSN:	1368-5201 1758-7808
DOI:	10.1108/JMLC-02-2021-0011