Ukraine to create a blacklist of banking clients: who will make it to the register

Ukraine is preparing to implement a special 'blacklist' of bank clients to combat the shadow economy. This is provided for by bill No. 14161, which proposes the creation of a Register of individuals whose payment transactions require special control and monitoring by the National Bank of Ukraine.

Both ordinary citizens and enterprises may find themselves on the 'blacklist'. Individuals may end up there, for example, if they share their banking details or access to online banking with others. Enterprises may also be included in the Register if they choose to make payments bypassing the cash register.

The goal of this initiative is to prevent the use of financial services in schemes of the shadow economy. After being included in the Register, banks will limit such clients' opportunities regarding payments and the use of cards or accounts.

Verification against the Register will be carried out when opening an account, changing the client's contact information, logging into the banking app from a new device, and during financial monitoring.

The National Bank will establish rules for maintaining the Register, exchanging information between financial institutions, and determining the cases when client verification will be mandatory. It is expected that such a system will help strengthen financial security and reduce the risks of money laundering.

Ukraine may implement a 'blacklist' of banking clients to combat the shadow economy and prevent money laundering. The new bill proposes the creation of a Register of individuals whose transactions will need to be monitored by the government and banks to ensure the financial security of the country.