In an effort to improve financial transparency, four major Ukrainian banks have signed a memorandum to strengthen financial monitoring in the banking payment services market.

Initiative to Enhance Financial Monitoring

The banks involved in this initiative are PrivatBank, Oschadbank, Mono (Universal Bank), and Raiffeisen Bank. The National Association of Banks of Ukraine (NABU) and the Association of Ukrainian Banks (AUB) are also part of this collaboration, which was formalized at the National Bank of Ukraine.

These institutions collectively hold a significant portion of population funds in banks and active payment cards, highlighting their importance in the financial landscape.

Measures Outlined in the Memorandum

The memorandum outlines several measures aimed at introducing unified market practices and enhancing due diligence for client transactions.

• Establishment of transaction limits for high-risk clients without confirmed income
• Individual assessments for clients with significant savings or additional confirmed income
• Exchange of banking information
• Oversight of individual entrepreneurs
• Creation of a centralized register of dubious clients

These measures reflect the commitment of Ukrainian banks to mitigate risks and ensure a secure banking environment.

Proactive Approach to Financial Monitoring

The collaboration among major financial institutions demonstrates a proactive approach to addressing the challenges of financial monitoring and compliance.

This initiative is expected to foster trust among consumers and investors and contribute to a stronger financial ecosystem in Ukraine.