NBU To Appeal Court's Cancellation Of Fine For Business Retail Group

The National Bank will appeal by cassation the decision of the District Administrative Court of Kyiv of October 31, 2022 and the decision of the Sixth Administrative Court of Appeal of March 7, 2023 to cancel the decisions of the NBU on the application of measures of influence to Business Retail Group LLC.

This is stated in the NBU message, Ukrainian News Agency reports.

On February 4, 2022, the National Bank applied two measures of influence to Business Retail Group LLC:

1) written notice for violation of the requirements of Part 3 of Article 14 of the Law "On Prevention and Counteraction to Legalization (Laundering) of Proceeds from Crime, Terrorist Financing and Financing of Proliferation of Weapons of Mass Destruction" dated December 6, 2019 No. 361-IХ (hereinafter - Law No. 361-IХ) in terms of supporting the transfer, in particular, by the unique number of the payer's payment means (initiator of the transfer);

2) a fine in the amount of UAH 204,000 for violation of Paragraph 4 of Part 2 of Article 8 of Law No. 361-IХ in terms of proper fulfillment by the institution of the obligation to properly check new customers, as well as existing customers.

As Ukrainian News Agency earlier reported, in March, the NBU applied to 3 banks and 11 financial institutions measures of influence for violation of financial monitoring and currency legislation.