Individuals and companies may challenge entry of their details in database of fraudulent transactions
The Bank of Russia has approved the procedure for excluding information about individuals and companies from the database on actual and attempted unauthorised money transfers. It will come into force on 26 July.
The regulator maintains the database of suspicious transactions to which all banks are obliged to submit the identifiers of fraudulent transactions, including information about payees. Credit institutions need such information to prevent new fraudulent transactions.
The procedure for submitting a request to the Bank of Russia to exclude the information from the database has been developed in connection with amendments to the Federal Law ‘On the National Payment System’ improving the mechanism of countering money transfers to malefactors’ accounts. Individuals and companies may promptly challenge the entry of their details in the database by mistake.
To find out how the challenge mechanism will work, read the Frequently Asked Questions section on the Bank of Russia website.