Max will be required to confirm “significant” monetary transactions

Banks opposed

The authorities want to oblige banks to confirm “significant” financial transactions of clients through Mach. This requirement is contained in the Antifraud 2.0 bill, which is being prepared for the second reading, writes Kommersant.

Confirmation via SMS and Max will be required for all “significant actions” that Russians perform electronically. There are no criteria for what fits this definition in the project.

Bankers call this idea “legally excessive and unreasonably expensive.” “This could result in multi-billion dollar annual additional costs, reduced profitability and higher prices for users,” the National Financial Market Council said.

In addition, imposing confirmation via SMS or MAX “completely ignores other available verification options that can provide a higher level of protection,” they said.