Russian authorities intend to require banks to confirm clients’ “significant” financial transactions through Max. This provision is included in the “Antifraud 2.0” bill being prepared for its second reading, Kommersant reports.
Confirmation by SMS and via Max is proposed for all “significant actions” that Russians perform electronically. At the same time, the document provides no criteria for determining which actions fall under this definition.
Representatives of the banking community consider the initiative “legally excessive and unjustifiably costly.” The National Council of the Financial Market stated: “This may lead to multibillion-ruble additional annual expenses, lower profitability, and higher prices for users.”
They also noted that forcing confirmation through SMS or MAX “completely ignores other available confirmation options capable of providing a higher level of protection”.