Russian Banks Tighten Transaction Scrutiny, Freezes Rise
Russian banks are stepping up their scrutiny of transactions, leading to an increase in temporary freezes. Customers are advised to specify payment purposes and notify their banks of major transactions to avoid automatic suspensions.
Banks are now more vigilant, flagging transactions involving new account details or large sums split into smaller payments. This heightened scrutiny is due to an increase in suspicious activity.
To prevent automatic freezes, customers should proactively inform their banks about major transactions and specify the purpose of payments. Legally obtained money poses no risk to account holders, and temporary suspensions are only in place until the source of funds is verified. However, customers may experience delays in accessing their funds during this verification process.
Automated systems are also playing a role, blocking internal transfers that appear unusual or repetitive. This is part of a broader effort to combat money laundering and other financial crimes.
Russian banks are temporarily freezing more transactions due to increased vigilance against suspicious activity. Customers can help prevent automatic freezes by notifying their banks of major transactions and specifying payment purposes. While these measures may cause temporary inconvenience, they are crucial for maintaining the integrity of the financial system.
