In August, the National Bank of Ukraine (NBU) fined PJSC Bank Vostok (Dnipro) a total of UAH 16 million for violating anti-money laundering legislation, according to information on the regulator’s website. Fines of UAH 15 million and UAH 1 million were imposed for violating the requirements of the AML/CFT law in terms of the bank’s improper performance of its obligation to apply a risk-based approach in its activities and its improper performance of its obligation to conduct proper verification of 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 obligation, taking into account the requirements of the law, to develop and implement internal documents on AML/CFT issues, as well as for 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 Liya Morokhovskaya.
