Russia may make banks check all people's transfers for frauds

MOSCOW, Jul 11 (PRIME) -- The State Duma passed in the third and final reading on Tuesday a bill obliging banks to check all money transfers by households, to suspend the suspicious operations 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 can enter in force in a year since official publication if enacted.

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