The Bank of Russia refuted some media reports that banks will be eligible from 1 July 2016 not return the clients money if they can’t prove the legal origin of their income. This was reported by the press service of the regulator.
“The fact that banks will acquire the right to return customer funds from July 1, 2016, is not true. Banks have no right not to return money to its customers, according to the current legislation”, – said the press service of the regulator.
Some media, spreading information about the credit institution will return the funds referred to the provision of the Federal law that gives banks the right to request information about the source of funds. The CBR explained that this rule was adopted in June 2015 and meets the requirements of the FATF (an intergovernmental organization that promotes international standards in the sphere of combating money laundering and financing of terrorism).
Thus in Bank of Russia reminded that the credit institution independently, in accordance with its rules of internal “anti-laundering” control, govern the cases of realisation of this right and, if necessary, may request additional information. In this case the right to “freeze” the funds from the banks.
