New Penalties for Banks in Ukraine
In March 2025, the National Bank of Ukraine took action against six banks and three non-bank financial institutions for violations in financial monitoring and currency legislation.
This was reported by the NBU press service.
Specifically, JSC "MIB" was fined 20.5 million UAH for inadequate client verification and improper application of a risk-oriented approach.
Other banks faced similar issues concerning client verification, improper application of the risk-oriented approach, and non-compliance with currency legislation.
AB "Pivdenny" received an additional fine of 400 thousand UAH for failing to adequately perform currency supervision duties, besides its penalties related to financial monitoring.
JSC "Sens Bank" was fined 4.1 million UAH for inadequate client verification and shortcomings in risk-oriented approaches.
The non-bank financial institution PT "Sunlight Assets and Company" was penalized 51 thousand UAH for consistently failing to submit reports on anti-money laundering and counter-terrorism financing.
It is important to note that Ukraine must start preparing its capital market infrastructure for attracting private and international investments for post-war recovery.