The NBU has updated the procedure for implementing sanctions by banks and non-banking institutions
It is reported that Resolution No. 65 came into effect on 13 May
The National Bank has made changes to the procedure for implementing special economic and other restrictive measures for banks and non-banking institutions.
This is stated on the NBU website.
It is noted that the new provision regulates current issues of sanctions implementation, in particular:
1. It takes into account the provisions of the law on improving the effectiveness of sanctions on individuals' assets.
2. It establishes the specifics of implementing each sanction, including asset blocking in a new edition.
3. It clarifies the requirements for implementing sanctions in operations with payment instruments, including electronic means and requirements for acquiring institutions.
4. It defines the procedure for actions of the subject of sanctions implementation in case of data coincidence with sanctioned persons and the absence of sufficient information in sanction lists or payment instruction details.
5. It defines the procedure for implementing sectoral sanctions.
As the regulator reports, a new procedure for implementing sanctions by non-banking institutions has also been established. According to this new procedure, non-banking institutions must provide the National Bank with information about the presence of such entities among sanctioned persons once: the non-banking institution itself, ultimate beneficial owners/owners of significant participation, managers and clients of the non-banking institution.
The NBU also established that subjects of sanctions implementation must approve internal documents and adjust internal monitoring systems within three months. This will allow them to check financial transactions against sanction lists before carrying them out.
Background. It was previously reported that the National Bank had developed a bill that would allow the nationalisation of Sense Bank.
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