The regulator explained to banks, when not to charge an increased fee

The Bank of Russia recommended credit institutions to refrain from charging customers high Commission for the broadest possible spectrum of economically sound operations, according to the guidelines of the regulator.

This particularly concerns the transfer of salary and equivalent payments to individual entrepreneurs, self-employed and persons engaged in private practice (notaries, lawyers, etc.). To economically viable operations, the Bank of Russia recommends to also include the transfer of dividends, alimony, pensions, scholarships, other social payments, insurance claims. The increased fee should not be charged and in the transactions regarding the transfer of funds from one Bank account to another customer’s account, including another Bank.

Recommendations prepared by the Bank of Russia on the basis of the analysis of practice of application by banks of the AML / CFT measures required by law, and directed on prevention of cases of banks charging increased commissions in the implementation of economically sound operations.

19 Feb 2020