The National Bank of Ukraine fined FC “MBK” LLC 799,000 UAH for violations of financial monitoring regulations, the regulator announced on its website.
According to the NBU’s statement, the violations involved the improper provision of information and documents in response to the regulator’s requests, failure to fulfill the obligation to conduct proper customer due diligence, and the improper application of a risk-based approach.
In addition, the National Bank pointed to violations of procedures for storing documents in client files and preparing statistical reports on the prevention and countering of money laundering, terrorist financing, and the proliferation of weapons of mass destruction.
The company also received a written warning for the improper development and implementation of internal documents on financial monitoring, deficiencies in the automation system for continuous monitoring of client transactions, and failure to include verified information in client questionnaires.
MBK Financial Company LLC operates in the non-bank financial services market.
