The National Bank of Ukraine has established a requirement for banks to update their clients’ personal data, verify their veracity, and obtain more information about the sources and destination of clients’ funds.
NBU Resolution No65 “On the approval of the Regulation on financial monitoring by banks”, updating data is necessary for the implementation of financial monitoring, which includes the analysis of financial transactions in order to identify possible cases of money laundering and tax evasion, reports Judicial and legal newspaper.
Banks must update customer data in accordance with the following terms:
- At least once a year, if there is a high risk in doing business with the client.
- At least once every three years, if the risk in doing business with the client is medium.
- At least once every five years in other cases, if there is no suspicion.
All Ukrainian banks are obliged to update the data of natural persons-entrepreneurs.
If the customer refuses to update or does not do it within the set time, his account may be blocked.
The bank informs customers about the need for updating through messages in mobile banking or by letter specifying the deadline for this process.
For example, PrivatBank clients can update their data by going to the web version of “Privat24 for Business” and selecting the “Questionnaire” item.
Next, answer a number of questions related to their status as a sole proprietorship, management of funds, business activities, sources of funds, etc.
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Fuente: atn.ua
