The National Bank of Ukraine (NBU) has launched a chatbot for Politically Exposed Persons (PEPs).
This is stated in the message of the NBU, Ukrainian News Agency reports.
Starting today, the National Bank of Ukraine is introducing a separate chatbot functionality, which works in Viber, Telegram and Web chat messengers, to provide quick answers to the questions of individuals who are national public figures and their family members.
This project was created due to numerous questions that arose in connection with the amendments to the Law of Ukraine "On Prevention and Counteraction of Legalization (Laundering) of Criminal Proceeds, Financing of Terrorism and Financing of the Proliferation of Weapons of Mass Destruction" regarding the introduction of indefinite PEP status and obligations to apply a risk-oriented approach to them when establishing business relations/services with them.
Its purpose is to quickly process issues related to the PEP's interaction with banks and non-banking institutions, for example, regarding refusal to provide services, requests by these institutions for additional information or documents, etc.
How to use a chatbot?
It is necessary to go to the "Protection of consumer rights" section on the NBU website and choose one of the remote communication channels through messengers: Viber, Telegram or Web chat.
In the chat, select the category: "PEP".
Next, choose the problem of the question from the menu of questions offered below.
After that, links to clarifications regarding the selected question will appear in the chat.
As Ukrainian News Agency earlier reported, on October 17, 2023, the Verkhovna Rada approved amendments to the Law of Ukraine "On Amendments to the Law of Ukraine "On Prevention and Counteraction of Legalization (Laundering) of Criminal Proceeds, Financing of Terrorism and Financing of the Proliferation of Weapons of Mass Destruction" regarding Politically Exposed Persons.
Amendments to the Law on PEPs are one of the structural beacons under the Memorandum with the IMF. They will ensure compliance of the norms of the updated law with FATF international standards and European legislation in this area and will contribute to the advancement of Ukraine towards EU membership.
With the updated version of the law, the PEP status returns to indefinite in the version that was in effect from 2019 to 2022. At the same time, mechanisms have been developed to prevent the formal approach of primary financial monitoring entities to servicing clients who have this status.
The Law adopted by the Parliament stipulates that during the establishment of business relations with PEPs and their maintenance, the subjects of primary financial monitoring are obliged to apply a risk-oriented approach and will be responsible for its improper application.
The law provides that 12 months after the PEP has ceased to perform significant public functions and the bank has verified that there are no risks inherent in the PEP (level of influence, scope of powers in the past, the connection between past and current powers) and its operations are understood, the usual financial monitoring procedures will be applied as for any other client.
Leaders of all political parties and civil servants (category A) are considered Politically Exposed Persons, therefore lifelong financial monitoring is introduced for them.
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