The National Bank of Ukraine has provided banks with recommendations on identifying fictitious documents that clients submit at the institution’s request during due diligence. Relevant information is contained in the NBU’s letter to banks, informs press office of the regulator.
During inspections, the National Bank discovered numerous cases of the use of forged statements, financial statements and payment instructions. Often, clients provide false documents that allegedly confirm the conduct of business activities, payment of mandatory payments, rental of premises or use of transport services.
As noted by the NBU, this practice creates serious risks of using banking services for money laundering, terrorist financing and other illegal activities. To prevent this, the regulator recommends that banks share information on the movement of funds in the accounts of suspicious customers. At the same time, data subject to banking secrecy can be transferred only with the client’s consent.
The National Bank also cited sources that will help verify the authenticity of submitted documents. In particular, banks can use data from the Unified state web portal of open data and the YouControl platform to confirm the financial statements provided by the client.
