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.
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.
Bank Vostok starts accepting applications under Affordable Loans at 5-9% program for small businesses
KYIV. Feb 7 (Interfax-Ukraine) – Bank Vostok has begun accepting applications for lending to micro and small enterprises under the government program Affordable Loans at 5-7-9%, the financial institution’s website reports.
“Bank Vostok develops support for entrepreneurship and begins accepting applications for lending to micro and small businesses within the framework of the state program Affordable Loans at 5-7-9%, introduced at the initiative of the president and the prime minister of Ukraine,” the statement said.
As reported, four state-owned banks, including PrivatBank, Oschadbank, Ukreximbank and Ukrgasbank, have signed agreements with the Entrepreneurship Development Fund to participate in the implementation of the Affordable Loans at 5-7-9% program.
Under the state program, entrepreneurs will be able to obtain loans for business development for up to five years in the amount of up to UAH 1.5 million, while the state will compensate entrepreneurs for part of interest on the loan.
The provision of three possible rates of 5%, 7% or 9% for loans will depend on the size of the business and the duration of its activities. Additionally, the lending rate will be reduced by 0.5% per annum for each employee, but not less than to 5% per annum.
