The Federation Council proposed requiring banks to explain account freezes within 24 hours.
Business account freezes could drag on for months. Senator Sergey Karginov (LDPR) from Chukotka proposes requiring banks to explain the freeze within 24 hours and provide the entrepreneur with a full list of documents to lift the restrictions.
With the initiative to change the anti-money laundering law to protect entrepreneurs from the arbitrary actions of banks, acted senator from Chukotka, member of the Liberal Democratic Party of Russia Sergey Karginov.
According to him, businesses today regularly face unjustified account freezes, which can drag on for months. Taking advantage of loopholes in the law, some banks demand up to a 20% commission for transferring frozen funds to another credit institution.
“This paralyzes business operations and prevents them from fulfilling their obligations to employees and suppliers,” — writes Karginov.
Freezing Business Accounts: What the LDPR Proposes
To solve this problem, the LDPR proposes to introduce a clear rule for banks: if an account is blocked, the credit institution will be obliged to pay within 24 hours Provide the entrepreneur with a complete and clear list of documents required to lift the restrictions.
The Federal Law "On Combating the Legalization (Laundering) of Criminally Obtained Incomes and the Financing of Terrorism" obliges banks to monitor suspicious client transactions and suspend services if necessary. However, entrepreneurs have repeatedly complained of abuses. For example, credit institutions often block accounts without a clear explanation.