The NBU has fined financial firms hundreds of millions of hryvnias: who made the list
This was reported by the National Bank of Ukraine.
Who received the heaviest fines
The regulator imposed the heaviest sanctions on two financial companies — FC Kontraktovy Dom LLC and Swift Garant LLC. Each company was fined 135.15 million hryvnias. According to the NBU, the violations were related to the improper organisation of primary financial monitoring. Specifically, these included issues with client risk assessment, transaction verification, internal control procedures, and compliance with anti-money laundering requirements. The insurance company "VUSO" also received a significant fine of over 40.7 million hryvnias. The regulator noted that the violations concerned the organisation of financial monitoring, customer verification, dealing with high-risk categories of individuals, and the documentation of control procedures.
Which other companies were fined by the NBU
A fine of over 6.1 million hryvnias was imposed on LLC “1 Safe Agency of Necessary Loans”. The National Bank reported violations of requirements regarding customer verification, risk assessment and the operation of the internal financial monitoring system. FC "A Finance" LLC was fined 800,000 hryvnias for breaching the rules governing foreign exchange transactions and the requirements for the operation of exchange offices. FC "MBK" LLC received a fine of 799,000 hryvnias. Among the violations, the NBU cited shortcomings in customer verification, document retention and the submission of information to the regulator. In addition, fines and written warnings were issued to:
- PT “Lombard No. 1”;
- Alliance Capital Group Financial Company LLC;
- FC "Alfa-Invest Group" LLC.
What decision was taken regarding the bank
Separately, the National Bank imposed sanctions on JSC "Bank Avangard". The financial institution was fined 2 million hryvnias and received written warnings. According to the regulator, the bank failed to apply a risk-based approach properly, had shortcomings in identifying transactions subject to financial monitoring, and made errors in its reporting on foreign exchange transactions.
Why the sanctions were imposed
The National Bank explained that financial institutions must ensure the monitoring of transactions, customer verification and risk management in accordance with legislation on the prevention of money laundering and terrorist financing. In the event of a breach of these requirements, the regulator may impose fines, issue written warnings and take other enforcement measures.
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