National Bank of Ukraine penalized Sberbank of Russia for USD 3,4 million

Source : 112 Ukraine

In December 2018, the regulator took five measures towards five banks for the violation of legislation in the area of financial monitoring
21:55, 2 January 2019
Open source

The National Bank of Ukraine penalized Sberbank of Russia for USD 3,4 million for the repeated commitment of risky activity in the financial monitoring area totaling more than USD 108 million, reports the press office of the regulator. 

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‘So, after receiving the preliminary act of verification of the NBU, in which the bank carried out risky activities totaling more than one billion hryvnias, which in particular consisted in issuing cash from corporate clients’ accounts, the bank did not stop such activities, it changed the cash withdrawal scheme and increased the volume of transactions containing signs that may be associated with the legalization of criminal incomes and the implementation of fictitious entrepreneurship,’ the National bank reported. 

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In addition, the regulator issued Sberbank written warning for violation of the requirements for identification of customers - public figures; for failure to identify financial transactions subject to mandatory financial monitoring; non-observance of the procedure for providing information to a specially authorized body and violation of the procedure for suspending financial operations.

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