Against the backdrop of the latest news in the media, PrivatBank explained why Ukrainians do not need to worry about financial monitoring checks both during martial law and in peacetime.
More than 99% of payments and transfers of bank clients do not require additional financial monitoring measures and, accordingly, do not require additional confirmation from the client. The bank has developed and implemented a modern automated system that allows minimizing calls to customers and is designed to identify those transactions that may pose a risk to customers and the bank.
Even in cases where the financial transactions of clients are quite significant in volume – for example, they exceed 500 thousand hryvnias per month – the bank, having legal obligations to study the sources of origin of funds and transactions, will do everything possible to establish such sources from the already available information bank.
And only if there is a significant difference between the bank’s information regarding the financial condition of the client, the level of his income and the volume of operations on the accounts, the bank will contact the clients to provide explanations, and, if possible, supporting documents. Any restrictive actions are not a common practice of the bank and are applied exclusively within the law and in the absence of other ways to clarify the issue.
Whenever possible, bank employees address customers personally and through communication channels that are convenient for the customer. The client can provide explanations and documents both at the bank branch and online.
It is important to understand that the bank makes every effort to simplify customer service, for example, funds aimed at supporting the Armed Forces of Ukraine, charitable organizations and volunteer programs do not pass control. If the source of income is understandable for the bank to the client, such as receiving wages or bonuses, no questions will be raised.
“PrivatBank respects its position as the leader of the banking market and, as a state-owned company, considers it possible to work exclusively within the legal framework, regulatory documents of the regulator. The bank implements the best world practices in many aspects of work and aims to improve customer experience.”
