The National Bank obliged banks to increase the efficiency of the application of sanctions
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The National Bank updated the procedure for implementation of special economic and other restrictive measures (sanctions) by banks and non-bank institutions. This was reported by the press service of the regulator.
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The new provision regulates topical issues of the implementation of sanctions, in particular:
- takes into account the provisions of the law on increasing the effectiveness of sanctions related to the assets of individuals;
- establishes the specifics of the implementation of each sanction, including the “blocking of assets” sanction in the new edition;
- clarifies the requirements for the implementation of sanctions in the course of operations using payment instruments, including electronic payment means, establishes requirements for acquiring institutions;
- determines the course of action in case of identification of the coincidence of individual data of the client and/or the second participant of the financial operation with the data of the sanctioned person and the absence of sufficient information in the sanction lists or details of payment instructions;
- determines the procedure for the implementation of sectoral sanctions.
The NBU also established that non-bank institutions must provide the National Bank with information about the presence of sanctioned persons:
- non-banking institution,
- ultimate beneficial owners/owners of significant participation, managers, clients of a non-banking institution.
Resolution No. 65 enters into force on May 13, 2023.
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News editor Roman Myronchuk writes on the following topics: Economy, finance, banks, cryptocurrencies, investments, technologies
Source: Ministry of Finance
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