Thursday, April 2, 2015

Bank introduced draconian penalties for banks for typographical errors – SoftSraze: actual and objectively

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Central Bank increased the punishment for typographical banks in the financial statements supplied to the Federal Financial Monitoring Service. This is done to increase the effectiveness of the program to combat illegal money laundering. In the financial institution, this initiative was perceived ambiguously, write “News».

From now on, all the typos in the documents submitted to the Federal Service for Financial Monitoring, the regulator will be regarded as an attempt to illicit money laundering. This is stated in a letter sent to the Bank of Russia in the commercial lending institutions. The document suggests that for any inaccuracies in reporting banks will be fined in the amount of up to 0.1% of the share capital of the organization, or they will be banned Individual transactions for up to six months. Since the minimum capital is 300 million rubles, the minimum amount of the fine of 300 thousand rubles.

Financial experts say that small errors and typos in the reports is inevitable, since many data are stuffed by hand. Accordingly, it would be better to introduce the punishment only for errors in the relevant fields of files. Some experts say that the new measures will suffer from only large banks with large amounts of information, and unscrupulous organization “violated and will break.” Accounting documents Rosfinmonitoring now served by banks for transactions in excess of 600 thousand rubles for three days.

Information on suspicious transactions should be provided immediately. Regulator began to actively combat illegal money laundering in 2013, when he led the Nabiullina. Earlier fines for errors in the documents were for banks 200-400 rubles, and for employees – 30-50 thousand. Also, banks’ activities could be suspended by administrative order for up to 60 days.

Tags: CB

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