A special recording procedure for certain securities will be in effect until the end of 2025
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31.10.2024
BANKS WILL FASTER INCLUDE FRAUDSTERS' DETAILS THAT CAME FROM THE REGULATOR'S DATABASE IN THEIR SYSTEMS FOR COMBATING SUSPICIOUS TRANSACTIONS
From October 22, 2024, for major banks, as well as credit institutions that are significant in the payment services market, this period will be 2 hours, and from January 1, 2025 - 1 hour. For other banks, the period is 3 hours. This will allow to reduce the number of new transfers to fraudsters' accounts.
Moreover, the Bank of Russia clarified the requirements for the procedure for banks to provide information on possible fraudulent transactions, including for information exchange with law enforcement agencies. Now, when the regulator requests, the bank should establish whether the transaction was carried out with or without the client’s voluntary consent, and within one business day, respond to the Bank of Russia whether it recognises such transfer as fraudulent.
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