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Estonia · Bill · SE

936

Law on Amendments to the Debt Law Act, the Credit Institutions Act and the Payment Institutions and E-Money Institutions Act (Prevention and Suppression of Financial Fraud)

i lugemine lopetatudEstonia· Riigikogu· ET

Introduced

1 June 2026

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I_LUGEMINE_LOPETATUD

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1 June 2026

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Summary

The purpose of the bill is to enhance the detection, identification and prevention of financial fraud by giving payment service providers a clear legal basis for refusing to execute a payment order and credit institutions the right to share the necessary information with other credit institutions, PPA and RIA in case of suspicion of fraud. The current law does not allow for sufficiently quick and effective intervention in case of suspicion of financial fraud, as the right to refuse execution of a payment order is narrowly defined. Also, the current law does not contain clear grounds for sharing necessary and timely information, and thus cooperation between different parties does not function effectively. Payments are generally processed in real-time, which means they reach the payee's account in seconds. Therefore, it is important that payment service providers have a clear legal basis for refusing to execute a payment order, and it is very important to exchange data with different between the parties. The bill is based on the same goal and creates the necessary legal foundations in domestic law that help detect, identify and prevent fraud more effectively. The aim is to enable the implementation of such measures to a certain extent even before the new EU Payment Services Regulation comes into force.

Machine translation from Estonian. The official text remains authoritative.

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12 official files

Seletuskirja lisa (märkused ja ettepanekud) pdf

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