The Russian Ministry of Internal Affairs has recently put forward a new bill that would require banks and credit institutions to provide requested information to law enforcement agencies within a strict timeframe. According to a report by TASS, the Ministry of Internal Affairs of Russia stated that information must be granted within three business days, and if technically feasible, within one day.
The proposed bill aims to amend Article 21 of the Code of Criminal Procedure of the Russian Federation, granting more power to money transfer operators, electronic money entities, and communications operators. The Ministry of Internal Affairs believes that these changes will improve the efficiency of obtaining necessary information, especially for requests submitted in electronic form that can be automatically processed.
Furthermore, the bill will establish new regulations governing the cooperation between these operators and state entities. Among the state bodies included in the new rules are the Bank of Russia, authorized credit organizations for money transfers, and the state corporation VEB.rf. These regulations are intended to streamline the process of information sharing and enhance collaboration between various entities.