Bank customers in Russia who experience blocked cards, suspended accounts, or restricted access to remote banking services should be informed about the reasons for these actions and the steps required to restore their access. This directive was outlined in an information letter from the Bank of Russia.
According to the regulator, many customers are currently unclear about why their cards have been blocked or how to resolve such issues. Credit institutions sometimes do not provide clear explanations for their decisions.
The Bank of Russia’s letter states that banks must inform customers about which specific federal law authorizes any decision to restrict account or card usage. The letter highlights the need for banks to differentiate between Law No. 161-FZ ‘On the National Payment System,’ which addresses fraud prevention, and Law No. 115-FZ ‘On Countering the Legalisation (Laundering) of Criminally Obtained Incomes and the Financing of Terrorism.’ Banks are also required to instruct customers on what actions they need to take in order to protect their rights and remove restrictions.
The regulator notes that there have been instances where banks cite both laws at once without sufficient grounds for imposing double restrictions. “At present, the regulator registers cases when banks referring to both laws simultaneously have no sufficient grounds for imposing double restrictions. This practice is also unacceptable and banks should avoid it.”
“The Bank of Russia will make sure that credit institutions comply with its requirements,” according to the statement.
