The National Bank of Ukraine said it had penalised two banks and three non-bank financial institutions in October this year for breaches of financial monitoring requirements and foreign exchange legislation.
This was reported on the NBU’s website.
The largest fine, amounting to UAH 25m, was imposed on Sense Bank. The institution did not properly vet its customers and failed to apply a risk-based approach in its work, the central bank said.
Oschadbank will pay a UAH 10m fine for similar breaches relating to customer checks and risk assessment. In addition, the bank did not provide the regulator with reliable information in full and on time in response to its requests, and it also entered data in customer questionnaires that was not supported by the relevant documents.
Credit Ukraine Pawnshop was fined UAH 2.7m for improperly organising initial financial monitoring. The pawnshop did not update its internal documents, carried out poor customer checks — including of family members of politically exposed persons — and submitted data to the regulator late. The institution also received a written warning for foreign-currency lending transactions with non-residents without an NBU licence and for incorrect maintenance of the cash currency purchase-and-sale register.
The NBU also fined the financial company Artua for shortcomings in its internal documents, improper maintenance of questionnaires and customer lists, failure to retain documents for the required periods, and the absence of a manager’s authorisation to work with politically exposed persons. It also fined FC Finoffis for failing to submit statistical reporting on foreign exchange transactions to the regulator.