Ukraine: NBU applies sanctions for violations of financial monitoring legislation following inspections on AML/CFT
The National Bank of Ukraine ('NBU') announced, on 3 August 2020, that it had applied sanctions to six banks and one non-financial institution for violations of financial monitoring legislation following inspections on anti-money laundering and counter-terrorism financing ('AML/CFT'), as well as financing for the proliferation of weapons of mass destruction. In particular, the NBU noted that the sanction included, written warnings and penalties of up to UAH 5 million (approx. €152, 200) for among other things, failure to properly analyse the financial transactions of customers, improper operation of the internal banking system AML/CFT systems, and failure to ensure proper risk management in activities.
You can release the press release, only available in Ukrainian, here.