The Bank of Russia has approved a procedure for excluding information about individuals and companies from the database on actual and attempted unauthorized money transfers. This new regulation will come into force on July 26.
The regulator maintains the database of suspicious transactions, to which all banks are obliged to submit identifiers of fraudulent transactions, including information about payees. Credit institutions use this information to prevent new fraudulent transactions.
The procedure for submitting a request to the Bank of Russia to exclude information from the database has been developed in connection with amendments to the Federal Law ‘On the National Payment System,’ improving the mechanism of countering money transfers to malefactors’ accounts. Individuals and companies may promptly challenge the entry of their details in the database if included by mistake.
To find out how the challenge mechanism will work, read the Frequently Asked Questions section on the Bank of Russia website.