Banks may be required to coordinate loans and money transfers between customers and their families to prevent fraud. During the spring session, the State Duma could approve a bill on amendments to the Law on Banks and Banking Activities, Izvestia writes.
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According to the document, banks must allow the customer to issue a power of attorney to a third party, who will have the right to reject or confirm transactions within 12 hours of notification from the bank. If there is no response, the bank will refuse to process the transaction.
United Russia MP Natalya Kostenko stated that the bill could be approved in the first reading after May 13-15. On second reading, the text of the law may include a mechanism for revoking a power of attorney, which the government proposed to include to eliminate the risk of abuse for the guarantor. They will also simplify the procedure for implementing the initiative.
The initiative has the support of the Central Bank, noting that the new protection mechanism will be in demand among socially vulnerable groups of the population and their loved ones.
Author:
Karina Pardaeva
Source: RB
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