New anti cyber banking crime law now effective

by | Mar 18, 2023 | Business | 0 comments

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.

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