Deputies from the “New People” faction in the State Duma have formally appealed to Elvira Nabiullina, the head of Russia`s Central Bank. They propose the implementation of mandatory notifications for bank clients when a money transfer is initiated to an individual or organization officially designated as extremist or undesirable by Rosfinmonitoring (Federal Financial Monitoring Service) or the Ministry of Justice.
“We propose obliging banks to display an automatic notification on the client`s screen before completing a transaction if the recipient of funds is on the official lists of Rosfinmonitoring or the Ministry of Justice.”
The core objective of this initiative is to safeguard citizens from unintentionally providing financial support to destructive activities. Furthermore, it aims to prevent individuals from facing criminal charges when they transfer funds without malicious intent, simply being unaware of the recipient`s illicit status. This measure is also intended to serve as an additional barrier against the flow of funds to such entities.
It is highlighted that banks currently perform checks on transactions against Rosfinmonitoring`s lists. Additionally, a system designed to warn users about transfers to suspicious accounts, typically linked to fraudulent schemes, has been successfully operating since July 2024.
The appeal specifically requests that Ms. Nabiullina instruct the relevant departments within the Bank of Russia to collaborate with Rosfinmonitoring and the Ministry of Justice. The goal is to develop and integrate a mechanism for these specific lists into the existing system of mandatory preventive notifications for banking customers.
