AML compliance

Since 2003 the Bank updates and strengthens its anti-money laundering controls and “Know Your Customer” policies and procedures. in compliance with changes in Ukrainian regulations. The policies and procedures established centrally by the Board in this regard apply universally to the operations of all divisions of the Bank. In line with its reputation as one of the most reliable and stable financial institutions in Ukraine, the Bank has made considerable efforts to develop effective anti-money laundering procedures.

In 2004, the Financial Action Task Force on Money Laundering (FATF) examined the possibility of excluding Ukraine from the FATF’s list of non-cooperative countries or territories.

The National Bank of Ukraine appointed PIVDENNYI Bank as the only bank to represent the Ukrainian banking system in the course of examination by FATF. FATF representatives examined the Bank’s achievements in anti money laundering and “know your customer” procedures which contributed to the FATF’s decision to exclude Ukraine from the FATF’s list of non-cooperative countries or territories in February 2004.

Financial institutions operating in Ukraine are required to obtain certain information from any “Foreign Bank” that maintains a correspondent account with it in Ukraine. In accordance to these rules such information is collected through a certification process.

Being a part of international anti – money laundering initiative, PIVDENNYI Bank fully complies with the spirit and the letter of the law and in accordance to Appendix A to Subpart I of Part 103 has completed the respective Global Certification regarding correspondent accounts for foreign banks.

In compliance with the industry best practice and according to the Wolfsberg AML Principles for Correspondent Banking, PIVDENNYI Bank fulfils the Anti – Money Laundering Questionnaire known as WOLFSBERG QUESTIONNAIRE. WOLFSBERG QUESTIONNAIRE has been designed by The Wolfsberg Group of twelve global banks that aims to develop standards for “Know Your Customer”, Anti – Money Laundering and Counter Terrorist Policies. The aim of the Questionnaire is to provide an overview of a financial institution’s anti-money laundering policies and practices.