The National Bank of Ukraine (NBU) has fined PJSC IC Arsenal Insurance (Kiev) for 255 thousand UAH for violation of requirements in the sphere of financial monitoring. As reported on the regulator’s website, the measure was applied for violation of the requirements of the law “On prevention and counteraction to legalization (laundering) of proceeds of crime, financing of terrorism and financing of proliferation of weapons of mass destruction” (VAT/FT). In particular, the company was fined for improper fulfillment of the obligation to develop and implement internal documents, as well as for insufficient customer due diligence, including failure to verify clients in accordance with the procedure established by law.
In addition, the fine has been imposed for non-implementation of additional measures in the proper verification of the client, the ultimate beneficial owner of which is a politically exposed person, and insufficient application of risk-oriented approach, including improper fulfillment of the obligation to carry out an assessment of risks inherent in its activities.
IC “Arsenal Insurance” is the legal successor of IC “Arsenal-Dnepr”, operating in Ukraine since 2005. It is represented in all regional centers and some large cities of the country.
