National Bank fines PrivatBank UAH 10 million: what is the reason?
9 December 2024 10:36
The National Bank of Ukraine has fined Ukraine’s largest state-owned PrivatBank UAH 10 million for violating the legislation on preventing and combating the legalization (laundering) of illegal income. This is reported by "Komersant Ukrainian" with reference to the NBU press service.
It is noted that the fine was imposed on PrivatBank for non-compliance with the requirements for due diligence of clients, in particular, the requirements for verification of high-risk clients.
PrivatBank also received a written warning for violating the requirements for internal risk management procedures, as well as for failing to take additional measures during due diligence in relation to clients who (the ultimate beneficial owners of which) are politically exposed persons, their family members and persons related to politically exposed persons.
In addition, the regulator fined Bank Alliance JSC UAH 15.05 million for improper fulfillment of obligations to conduct enhanced due diligence of high-risk customers, requirements for monitoring of business relations and financial transactions of the client, as well as for providing false information.
JSC Asvio Bank received a fine of UAH 2.45 million from the regulator for improper adherence to a risk-based approach in its activities, as well as improper fulfillment of the obligation to conduct customer due diligence.
The NBU also fined WeiForPay LLC UAH 15.35 million for failure to comply with the requirements for organizing and conducting initial financial monitoring in terms of customer due diligence requirements, as well as a number of other violations. The company also received a written warning for violating the requirements for employee training and for displaying information in the client’s questionnaire.
PrJSC “UFG” was penalized for UAH 255 thousand for violation of the requirements for customer identification and verification. The company also received a written warning for violating the requirements for identifying and registering financial transactions subject to financial monitoring.
