In August, the National Bank of Ukraine (NBU) fined PJSC Bank Vostok (Dnipro) for violating the law on combating the laundering of illegally obtained funds for a total amount of UAH 16 million, according to information on the regulator’s website.
Fines of UAH 15 million and UAH 1 million were imposed for violations of the AML/CFT law in terms of the bank’s failure to properly implement a risk-based approach in its activities and to properly verify customers with whom it has high-risk business relationships.
In addition, the bank was given two written warnings for violating the requirements of the AML/CFT law in terms of improper performance of its duty, taking into account the requirements of the legislation, to develop and implement internal documents on AML/CFT issues, as well as in terms of the absence in internal documents on financial monitoring procedures sufficient to ensure effective risk management, and for errors in information (statistical reporting) on currency transactions.
According to information on its website, Ukrainian commercial bank Vostok is owned by Vostok Capital, whose shareholders are Vladimir Kostelman (owner of Fozzy Group), Vadim Morokhovsky, and Lia Morokhovskaya.
