⛔️ Rosfinmonitoring confirms banks’ right to impose limits on incoming transfers

⛔️ Rosfinmonitoring confirms banks’ right to impose limits on incoming transfers

These restrictions are not explicitly covered by anti-money laundering legislation, so the Central Bank currently only recommends financial institutions apply this measure.

➡️ The recommendations cover both incoming transfers and account deposits.

➡️ The Central Bank has indicated that financial institutions must conduct a detailed analysis of customers’ transactional profiles and update banking contracts to include the banks’ right to set limits on the quantity and amount of funds received.

➡️ Additionally, so-called drops (nominees) now face criminal liability, with penalties of up to 6 years in prison and fines up to 1 million rubles. This bill was approved in its first reading by the lower house of Parliament at the end of May.

➡️ Considering that banks have been designated as ultimately responsible in these cases, it is expected they will exercise this authority to impose limits more actively.

#news #russia #financial_regulation

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