Central Bank to report attempts of money transfer without consent to Interior Ministry

  MOSCOW:  The Bank of Russia will automatically exchange data concerning the attempts to transfer funds of customers without their consent ...

 


MOSCOW:  The Bank of Russia will automatically exchange data concerning the attempts to transfer funds of customers without their consent with the Ministry of Interior.

This is done to expedite investigations of fraud in money transfers. The relevant law came into force on Saturday.

"The Bank of Russia provides the federal executive authority in the sphere of internal affairs with information contained in the database regarding cases and attempts to make money transfers without the client’s consent," the law indicates.

The legislative act provides for the connection of Interior Ministry to the FinCERT automated system of the Bank of Russia that contains details of transactions made without consents of clients. "Owing to that, law enforcement agencies will be able to receive details of fraudulent transactions, including beneficiaries of stolen money, almost online. The exchange of data will take place with adherence to all banking secrecy norms," the Bank of Russia said.

According to the Interior Ministry, 430,000 crimes committed with the use of IT technologies were registered from January to September 2023, almost 30% higher than in the like period of the last year.


-News Feed

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Local Glob: Central Bank to report attempts of money transfer without consent to Interior Ministry
Central Bank to report attempts of money transfer without consent to Interior Ministry
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