Translation. Region: Russian Federal
Source: Central Bank of Russia –
An important disclaimer is at the bottom of this article.
Bank customers who have had their accounts and cards suspended or their access to remote banking services (such as a mobile application) restricted should know the grounds for this and what to do to restore service. This is reported ininformation letter of the Bank of Russia.
Nowadays, people often do not understand why their card was blocked and how to solve this problem, since credit institutions do not always clearly disclose the reasons for their actions.
In its letter, the regulator draws attention to the fact that banks must provide their clients with full information on the basis of which federal law and in accordance with which of its provisions the decision was made. Banks should clearly distinguish between the requirements of Federal Law No. 161-FZ "On the National Payment System", aimed at combating fraudulent transactions, and Federal Law No. 115-FZ "On Combating the Legalization (Laundering) of Criminally Obtained Incomes and the Financing of Terrorism". It is important that banks inform clients of what they need to do to protect their rights and lift restrictions.
Currently, the regulator records cases where a bank, referring to both laws simultaneously, does not have sufficient grounds for introducing double restrictions. This practice is also unacceptable, and banks should avoid it.
The Bank of Russia will monitor how credit institutions comply with its recommendations.
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Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.