The new law grants banks more power to immediately block suspicious transactions, providing better legal protection against cyber-crimes and fraud.
The law also enables information sharing between financial institutions, business owners, and telecom service providers in the event of potentially illegal activity.
Temporary suspension for seven days
Also, if bank accounts are thought to be connected to questionable activity, such as money laundering, banks are permitted to respond quickly and temporarily suspend them for seven days.
Greetings! I am a journalist and have been working as a reporter for 16 years. I have experience writing feature stories, news, and magazine articles.
I have experience writing features articles for magazines and sample work can be found on my portfolio. I enjoy writing about a wide variety of topics and have experience writing about technology, finance, real estate, health, women’s rights, and business.