The National Bank has updated the rules for disclosure of banking secrecy
The National Bank of Ukraine has updated the Rules for Keeping, Protecting, Using and Disclosing Bank Secrecy, taking into account the amendments to the Law of Ukraine "On Banks and Banking Activities" adopted by the People's Deputies in November 2023.
Please note that the procedure for disclosing banking secrecy about customer accounts has not changed. Banks continue to guarantee the confidentiality of bank accounts, account transactions and customer information. Information on transactions, bank accounts or payment cards may still be provided by the bank exclusively:
- to the clients themselves (their representatives)
- by court order;
- to law enforcement or state authorities having the relevant powers, but only in cases, in the manner and to the extent established by the Law of Ukraine "On Banks and Banking Activities".
The NBU's position on banking secrecy remains unchanged, as it is an important condition for ensuring customer confidence in the banking sector.
According to the previous version of the Law of Ukraine "On Banks and Banking Activities", law enforcement officers could request bank account numbers, balances and transactions from banks. This list has now been supplemented by the possibility to obtain information on the payment card number of a bank customer. The relevant information may be provided only at the request of the Prosecutor's Office of Ukraine, the Security Service of Ukraine, the State Bureau of Investigation, the National Police of Ukraine, the National Anti-Corruption Bureau of Ukraine, the Bureau of Economic Security of Ukraine, the National Agency for the Prevention of Corruption, the National Agency of Ukraine for Finding, Tracing and Management of Assets Derived from Corruption and Other Crimes.
Information about the payment card number will help law enforcement officers investigate cases of payment fraud, including fraudulent transactions through social engineering, phishing, etc. After all, payment transactions can be carried out without actually using an account number, just by using a payment card number.
These rules were approved by Resolution of the Board of the National Bank of Ukraine No. 33 "On Approval of Amendments to the Rules for the Storage, Protection, Use and Disclosure of Bank Secrecy" dated March 18, 2024, which comes into force on March 20, 2024.
Buhgalter 911 notes that the content of the author's materials may not coincide with the policy and opinion of the editorial team. The authors of the published materials include not only representatives of the editorial team.
The information presented in a particular publication reflects the position of the author. The editorial team does not interfere with the author's materials, does not edit the texts, and is therefore not responsible for their content.