In the Russian Federation, money transfer operators will be required to disclose the terms of service
The Bank of the Russian Federation may be granted the right to determine the composition, procedure and timing of disclosure of information by financial institutions at the places where services are provided and on websites.
The bill of deputies and senators has been submitted to the State Duma for consideration.
The corresponding document was posted in the electronic database of the lower house of parliament.
The amendments adjust the laws “On the National Payment System” and “On Consumer Credit (Loan)”.
Money transfer operators will be required to disclose information about the terms of provision of payment services at the locations where they are provided.
In addition, such information will appear on the operator’s official website on the Internet.
The Bank of Russia will establish the composition, procedure and timing of disclosure of the above information.
The document provides for an increase in the level of protection of the rights of consumers of financial services.
If adopted, the law will come into force 10 days after publication.
