new law puts banks in the first line of defense

Vladimir Putin approved a new law , according to which banks operating in the country are required to check all transfers from individuals in case of suspicion of illegal actions. The law also provides for the possibility of suspending suspicious transactions for up to two days.

In accordance with the new rule, if a financial institution makes a transfer to an account that the Bank of Russia previously identified as fraudulent, the bank will be required to compensate for the client’s losses. This must happen within 30 days of receiving the complaint from the customer.

The new law also imposes an obligation on banks to stop remote servicing of persons suspected of fraud in the event that relevant information is received from the Ministry of Internal Affairs of the Russian Federation, including information on the initiation of a criminal case or entries in the register of applications and reports of crimes. The law will take effect one year after its official publication.

According to the report of the Bank of Russia, in the first quarter of 2023 credit institutions prevented theft of funds in the amount of 712 billion rubles, reflecting 2.7 million transactions without the consent of the client. 252.1 thousand attacks were successful, as a result of which 4.5 billion rubles were stolen. Most of the victims were individuals who lost money in 251.5 thousand cases.

Finance Minister Anton Siluanov in April announced the launch of the digital ruble into circulation by the end of 2023 . According to Siluanov, the advantages of the digital ruble are that it allows you to track all transactions, so the money will not go “left”. Now the currency is actively developing. The minister said that the Central Bank launched an experiment this year, and by the end of the year, after the adoption of the relevant legislation, it will launch the digital ruble into circulation.