The NBU’s stance on the monobank scandal has been revealed: there are some nuances

The Public was informed of this in the National Bank of Ukraine’s response to an information request received on 12 March 2026 under reference number ZP/900/501.

In its response to the request, the National Bank confirmed that it is analysing the situation surrounding the photograph which, according to media reports, may have been obtained during the video verification of a monobank customer.

Consequently, the regulator has already approached JSC “Universal Bank” for an explanation regarding the dissemination of information that may constitute banking secrecy.

The NBU emphasised that a final regulatory assessment of the bank’s actions can only be made after analysing all the facts. The National Bank will not comment on the details of this individual case until this assessment is complete, as information obtained during supervisory activities is subject to banking secrecy.

At the same time, the response contains an important clarification. The regulator explicitly stated that its functions do not include banking supervision of banks’ compliance with legislation on the protection of personal data.

In effect, this means that the NBU has not conducted and is not conducting inspections specifically on this matter. Similarly, the National Bank has not imposed sanctions for breaches of personal data protection legislation.

Separately, the regulator informed The Public that between 1 January 2025 and 16 March 2026, the NBU received 540 complaints concerning a possible leak of individuals’ personal data.

The response also noted that liability for breaches of personal data protection legislation is determined by the Code of Ukraine on Administrative Offences, specifically Article 18839, as well as the Criminal Code of Ukraine, specifically Article 182.

The National Bank also explained separately who exactly monitors compliance with this legislation. According to its information, within the powers provided for by law, this is done by the Ukrainian Parliament Commissioner for Human Rights and the courts.

The NBU also referred to Article 55 of the Constitution of Ukraine, which stipulates that the rights and freedoms of the individual and the citizen are protected by the courts, and that everyone has the right to seek protection of their rights from the Ukrainian Parliament Commissioner for Human Rights.

Thus, the National Bank’s response suggests that the regulator has already become involved in the monobank case and has requested an explanation from the bank. However, at the same time, the NBU explicitly stated that it is not responsible for monitoring compliance with personal data protection legislation.

As a reminder, the case involving Monobank customer Karina Kolb, which caused a stir due to a photo taken during video verification, has taken a new turn. The bank has initiated a state expert examination to establish the origin of the flag in the background of the image.