The Law, entitled “On Banks and Banking,” clearly spells out how bank secrecy is regulated in Ukraine . A clear definition of the term “bank secrecy” is set forth in this document as information representing information about the financial activities of the client and the state of his finances, which has become apparent to the financial institution as a result of customer service. The concept of bank secrecy also includes information containing the personal data of the client, on operations performed by the client, on the status of customer accounts.
As for the public reporting of banks submitted to the National Bank, banks are entitled to provide generalized information on the number of their customers, as well as information on the amount of loans issued, on the number of deposits attracted, on the availability of their assets, liabilities, etc. And more detailed information regarding specific names is protected by bank secrecy , but alas, it is not reliably protected.
The basic grounds that may lead to the disclosure of bank secrets are entitled to serve as a written permission received from the owner (a rather rare case apparently) or a decision of the court. By a lawful court decision, you can disclose the required information to any person, agency or body in need if this is decided in a positive way. True and this is a rare case.
In addition, there are departments and bodies that have the right to require access to confidential information about the client using a written request, and without applying to the judicial authority in order to obtain permission. These include the State Financial Monitoring – an organization that has significant powers regarding the anti-money laundering of so-called “dirty money”. Referring to the profile position, it has the right to demand and receive all the necessary information, which consists in information and documents, which in any way relates to financial transactions, including information on the provision of commercial or banking secrets.
As for the Ministry of Revenue and Duties, it has the right for each client to view information on bank accounts (their presence or absence), having received all the information from certificates and accounts, and access to more specific information is closed to him. Financial transactions in the amount of more than 150 thousand UAH, subject to financial monitoring and falling within the definition of bank secrecy, shall be excluded from the above rule.
Services such as the Security Service of Ukraine, the Ministry of Internal Affairs, and the Antimonopoly Committee are disclosed bank secrecy information for any business entities. Upon written request in writing, these bodies shall be provided with information containing operations on financial accounts for a certain period of a certain legal entity. either physical person – an entrepreneur who has fallen into the field of interests. But the abovementioned authorities do not have permission to view transactions on accounts relating to customers of individuals without a court decision.
It is the responsibility of banks to fully disclose information about the state of the client’s finances to the Executive Service, provided that this information is requested during the process when a court opinion is enforced.
The personal information of all serviced customers at any bank also pertains in essence to bank secrecy, and cannot be made public without consent in writing by the customers themselves.
In order to collect information on the financial history and financial situation of the client and transfer it appropriately to the credit bureau, borrowers provide banks with written consent to carry out the procedure for collecting, storing, using and disseminating information about it through the bureau, which includes provisions on how payment discipline is carried out by the borrower himself, to which banks are particularly interested in drafting and signing agreements with the client.
If there has been a case of the publication of information that is defined as belonging to bank secrecy, then for its part, an individual customer of the bank has the right to demand from persons disclosing it to compensate in full the cost of material and moral damage.
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