National Bank of Ukraine Issues Statement on Sens Bank
The Board of the National Bank of Ukraine (NBU) has publicly confirmed its ongoing supervisory and regulatory interventions concerning Sens Bank, covering the period between 2022 and 2026. Over 100 formal decisions have been made, alongside numerous inspections and administrative proceedings involving the bank's management. The NBU emphasized its close collaboration with government bodies and law enforcement agencies to enhance corporate governance and safeguard state interests.
Supervisory Measures and Inspections
According to the NBU Board, 21 official notifications were sent to various government institutions, including law enforcement, the State Tax Service, and the Financial Monitoring Service of Ukraine. The NBU conducted three on-site inspections focusing on compliance with banking laws, six reviews related to financial monitoring, and three additional checks concerning sanctions and foreign exchange regulations.
A notable inspection, completed in April 2025, uncovered a substantial collection of confidential minutes from Sens Bank’s collegiate bodies. It was revealed that since 2013, under its former identity as Alfa Bank, the institution had engaged in opaque management practices, which remain under investigation. From July 23, 2024, the provisions of Article 7 of Ukraine's Law "On Banks and Banking Activity" began to apply to Sens Bank. Subsequently, on December 26, 2025, the NBU formally requested the government to establish a legitimate supervisory board for the bank.
In May 2026, the NBU launched multiple administrative proceedings. On May 1, documents related to the 'Mindich tapes' were released, raising questions about the independence of Sens Bank’s director, Mykola Hladyshenko. By May 7, an administrative case was initiated concerning his qualification standards. Throughout May and June, the NBU reached out to the Specialized Anti-Corruption Prosecutor's Office (SAP), the National Anti-Corruption Bureau (NABU), and the Prosecutor General’s Office, but responses were withheld due to ongoing investigations.
On May 28, 2026, the NBU updated the Ministry of Finance and the Verkhovna Rada’s Temporary Investigative Commission on the status of these administrative cases. Later, on August 19, NABU disclosed materials from the pre-trial investigation of the 'Forrest Gump' operation, which involved communications with Mykola Hladyshenko. Following this release, the Parliamentary Committee determined that Hladyshenko failed to meet the independence criteria required for his role. The next day, the NBU initiated an administrative review to assess the collective suitability of Sens Bank’s supervisory board.
On August 21, 2026, the NBU issued an urgent directive to the government, the supervisory board, and the bank’s management to implement immediate measures aimed at strengthening corporate governance. The following day, Sens Bank began an internal investigation that led to the suspension of Lyudmyla Snihur, head of the financial monitoring department. Additionally, on August 24, the NBU commenced unscheduled inspections of other banks to verify compliance with financial monitoring requirements.
Between January and August 2026, the NBU, together with independent experts, reviewed evidence relating to violations at Sens Bank and the former Alfa Bank, preparing for potential international arbitration proceedings. The NBU Board stressed that all actions taken fall strictly within its legal authority.
“The National Bank’s Board holds responsibility for the institution’s activities within the scope of the Board members’ competence and ensures proper execution of delegated functions,” representatives of the regulator stated.
The NBU representatives underscored their commitment to thoroughly investigate every allegation and cooperate fully with law enforcement. They emphasized that regulatory decisions are based solely on verified facts and legal frameworks, not political pressure or unsubstantiated accusations.
These measures demonstrate the NBU’s proactive stance in promoting transparency and stability within Ukraine’s banking sector. Engaging law enforcement and conducting thorough inspections are vital steps toward uncovering potential misconduct and aligning management practices with legal standards. This approach reinforces the NBU’s dedication to maintaining strong corporate governance, which is essential for sustaining investor and customer confidence in the country’s financial system.
The ongoing scrutiny of Sens Bank by the NBU aligns with the government's recent push to accelerate the sale of the institution. As compliance checks intensify, the need for a transparent transition becomes critical. For more insights on the government's efforts to facilitate this sale amid the NBU's regulatory actions, see our detailed report on the expedited sale of Sens Bank.