Regulator explains to banks when elevated fees not apply
The Bank of Russia advises that credit institutions should abstain from charging their customers elevated fees for the broadest possible range of economically sound transactions, the regulator notes in its methodological recommendations.
Such transactions include, in particular, transfers of wages and similar payments to individual entrepreneurs, the self-employed and professionals in private practice (notaries, lawyers, etc.) The Bank of Russia recommends that economically sound transactions also include payments of dividends, maintenance, pensions, scholarships, other social and insurance benefits. Moreover, elevated fees should not apply to funds transfers between a customer’s bank accounts, including with another bank.
The Bank of Russia’s recommendations are based on an analysis of the application by banks of anti-money laundering measures stipulated by law and are aimed at preventing instances of elevated bank fees on economically sound transactions.