The violations identified during the inspection of VUSO Insurance Company (Kyiv) are not systemic in nature, do not affect the insurer’s overall business practices, and the payment of the fine will in no way affect compliance with solvency requirements.
The company announced this on its website. It also noted that in determining the amount of the fine, the National Bank relied on available information regarding VUSO’s total annual turnover for 2025, amounting to UAH 5.794 billion, and the maximum fine limit established in accordance with the requirements of the relevant law.
“VUSO remains true to its tradition of strictly fulfilling its obligations and is using the recommendations provided by the Regulator to improve internal procedures, bringing them into line with best practices and regulatory requirements in the field of financial monitoring,” the insurer emphasizes.
As reported, the National Bank of Ukraine fined VUSO Insurance Company a total of UAH 40.71 million for violating anti-money laundering (AML/CFT) legislation.
The fine was imposed for violating AML/CFT requirements regarding the failure to fulfill the obligation to ensure the proper organization and conduct of initial financial monitoring.
As noted by the NBU, the violation led to the institution’s failure to properly fulfill its obligations, specifically to develop, implement, and update internal AML/CFT documents in accordance with legal requirements and the results of the national risk assessment; to conduct proper customer due diligence; comply with the prohibition on establishing business relationships with persons included in the list of individuals associated with terrorist activities or subject to international sanctions.
VUSO Insurance Company was founded in 2001. It is a member of the MTIBU and the UFS, a participant in the Direct Loss Settlement Agreement, and a member of the Nuclear Insurance Pool.
According to the NBU, the company ranked third in terms of premiums written among non-life insurers in Ukraine as of the end of 2025.
