Individuals to be able to appeal against inclusion of their bank details in database of suspicious transactions
A person whose bank details are included in the database of actual and attempted unauthorised money transfers will be able to apply to the Bank of Russia for removal of such information from the database. A draft of such an ordinance has been prepared by the regulator.
The Bank of Russia maintains a database of suspicious transactions, which contains information on fraudulent transactions reported by all banks after receiving complaints from their customers. Thanks to this database, credit institutions are able to counter cyber fraudsters more effectively. The law establishes the procedure for appealing against ungrounded inclusion of bank details in the database. This will reduce adverse effects for bank customers.
An application to the Bank of Russia may be filed directly, on the regulator’s website or through the customer’s bank. As provided for by the document, banks are entitled to send the regulator a substantiated application for removing the respective information from the database independently and without the participation of their customers. The Bank of Russia will consider the application within 15 working days and will inform the customer or the credit institution of the decision.
The draft ordinance establishes the procedure for the Bank of Russia to decide on applications and the list of data to be submitted to the regulator.
The final document will take into account comments and suggestions received by 2 April 2024 at the latest.