Banks to Refund Stolen Funds Within 30 Days

The Central Bank of Russia is planning to set a mandatory deadline for credit organizations to return stolen funds to clients. If it is determined that a money transfer was made without the client’s consent, the bank will be required to refund the money within 30 days, according to RBC.

“Current law does not specify a timeframe within which banks must reimburse clients for funds stolen by fraudsters,” said a representative of the Central Bank of Russia. The regulator is proposing a 30-day period for such reimbursements. According to the representative, this measure will help balance the interests of both banks and their clients.

Discussions with the financial sector are still ongoing, so it is too early to talk about specific implementation dates, the representative added.

According to the Central Bank, last year fraudsters stole 13.5 billion rubles from bank clients. At the same time, credit organizations returned only 920.5 million rubles to affected customers.

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