Bank of Russia and Ministry of Internal Affairs join forces against cyber fraudsters
The President of the Russian Federation signed a law on the exchange of information between the Bank of Russia and the Ministry of Internal Affairs of Russia, creating a framework for automatic data exchange between these institutions. The law will help speed up money transfer fraud investigations.
Now, when investigating such cases, much time is spent on data requests and correspondence between law enforcement agencies and banks. The law provides for the connection of the Ministry of Internal Affairs with the automated system of the Financial Sector Computer Emergency Response Team (FinCERT) of the Bank of Russia. This system contains information about transactions made without customer consent. This enables law enforcement agencies to obtain information about fraudulent transactions, including the recipients of the stolen money, almost online. The exchange of data will be done in compliance with all standards of bank secrecy.
The Ministry of Internal Affairs of Russia in its turn will transmit information about the committed illegal activities to the FinCERT database. Banks participating in information exchanges can consider these data in their business processes to prevent fraudulent transfers.
The law will come into force on 21 October 2023. By then, the regulator and the ministry will conclude a bilateral agreement, specifying information types, procedure, timeframes and form of data transmission, and will integrate their information systems.