Bank of Russia to introduce additional verification for handling applications to remove information from database on frauds
The Bank of Russia has improved the handling of applications for removing information from the database on fraudulent transactions. Now, when the regulator considers such applications and sends necessary inquiries to banks, these banks are supposed to get in touch with the client (payer) on the basis of whose application the information has been entered into the database. Banks are required to do this to find out whether the client continues to view the relevant transaction as fraudulent and to report the results of this communication to the regulator.
This additional verification mechanism will enable the Bank of Russia to be more responsive in situations when an individual initially applies to a bank regarding a fraudulent transaction but afterwards acknowledges it as a legitimate one.
The regulator has updated the procedure for applying for removing information from the database by a client’s representative acting by proxy. In this case, an application is to be submitted to a client’s servicing bank.
When an application is submitted via the Bank of Russia website, individuals (including individual entrepreneurs) may provide details of their invalid passports (if available), which will make it possible for the regulator to identify information about the applicant in the database in case of a passport change.
These innovations stipulated by the ordinance will take effect on 2 May 2026. The document also sets forth a procedure for the Bank of Russia to provide information regarding refusals to accept funds received via a fraudulent transfer. This procedure has been in effect since the beginning of 2026.