The NBU stated that banks cannot withhold 20% of the amount on the client’s account due to violations of financial monitoring
Ukrainian banks do not have the right to impose fines on their clients for violations in the field of financial monitoring, nor can they charge up to 20% of the amount on the accounts. About this reported press service of the National Bank of Ukraine.
The message states that false information is being spread in the media and Telegram channels that banks have allegedly started imposing fines on clients for violating financial monitoring and charging them 20% of the amount of funds stored in bank accounts. The National Bank notes that this information is unreliable.
The NBU explained that the current legislation in the field of financial monitoring does not provide that banks can impose any financial penalties on clients for violating these rules. Banks do not have the right to impose fines on citizens due to violations in the field of financial monitoring.
On the other hand, the legislation on financial monitoring provides that banks have the right to terminate the business relationship with the client, including closing the account, in cases defined by law. In such a situation, the bank returns the funds to the client in cash or transfers them to another account according to the provided details, a standard fee may be charged for such a payment transaction.
The National Bank of Ukraine also does not impose fines on citizens for violations in this area. All measures of influence of the regulator apply exclusively to financial institutions. The NBU urges to check information on official sources and treat unconfirmed information with caution.
