Putin obliges banks to check all people's transfers for frauds

MOSCOW, Jul 24 (PRIME) -- Russian President Vladimir Putin has signed into law on Monday a bill obliging banks to check all money transfers by households, to suspend suspicious transactions for two days and to reimburse fully for the funds sent to the accounts of fraudsters listed by the central bank without consent of a bank client.

The bill also obliges banks to stop digital service provision to the clients, for whom there is a police report on an earlier initiated criminal case against them or a registered fraud claim. The information will be forwarded to the banks by the central bank, Director of the Information Security Department Vadim Uvarov said in June.

The bill will enter in force in a year from official publication.

End