Banks can withdraw up to 20% from Ukrainians’ accounts: such actions are possible as part of financial monitoring. This was reported by Komersant ukrainskyi
reports with reference tothe Ministry ofFinance.
After the blocking, the account holder is asked for information about the origin of the funds. If the bank considers the client’s activities suspicious, the account is closed.
Now, a new type of punishment is also applied – an additional fee of 20% of the amount.
Financial monitoring in Ukraine: in what cases and for whom is it provided
For legal entities:
- identification of the legal entity;
- identification of the ultimate beneficiary;
- determination of the purpose and nature of business relations;
- determining the purpose of a financial transaction;
- continuous monitoring of business relationships and financial transactions;
- maintaining the relevance of data.
For individuals:
- identification of an individual.
Additional monitoring (carried out when the amount of threshold transactions exceeds UAH 400 thousand) under the following conditions
- one of the parties to the financial transaction is registered, resides or is located in dubious jurisdictions;
- financial transaction of politically exposed persons, their family members and related parties;
- payment transactions for transferring funds abroad;
- financial transactions with cash;
- financial transactions of e-residents.
A suspicious financial transaction, regardless of the amount, is a transaction that is the result of criminal activity or is related to financial terrorism or the proliferation of weapons of mass destruction.