MILES AXLE Translation. Region: Russian Federation –
Source: Central Bank of Russia –
The Bank of Russia has set a time limit during which credit institutions will enter the details of fraudsters received fromdatabasesregulator, into its own systems to combat suspicious transactions. This will reduce the number of new transfers to fraudsters’ accounts.
From October 22, 2024 forlarge banks, as well as credit institutions, significant in the payment services market, this period will be two hours, and from January 1, 2025 – one hour. For other banks, the period is three hours. Such changes are envisaged indicating the regulator.
In addition, the Bank of Russia has clarified the requirements for the procedure for banks to provide information on possible fraudulent transactions, including forinformation exchangewith law enforcement agencies. Now, when the regulator requests it, the bank will have to establish whether the transaction was carried out without the client’s voluntary consent or not, and within one business day, respond to the Bank of Russia whether it considers such a transfer fraudulent. This approach is very important in cases where the victim did not contact his bank and immediately filed a report with the police.
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Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.