The National Bank of Ukraine requires banks to disclose client account Information at the request of the Bureau of economic security

The head of the National Bank of Ukraine (NBU), Andriy Pyshny, has demanded that banks comply with requests from the Bureau of Economic Security (BES) and disclose clients’ banking information within 10 days of receiving a request.

Ukrainian banks are obligated to reveal banking information in the required scope and format and are not permitted to ignore such requests.

This is outlined in the internal letter from the National Bank, No. 24-0006/81883, titled “On Compliance with Deadlines and Methods for Providing Information to Requests from the Bureau of Economic Security of Ukraine,” which was obtained by the media outlet *Strana*. The letter followed complaints from the BES about untimely responses, as referenced in a separate BES letter on the issue.

The BES has expressed frustration that not all banks are disclosing client information to the BES in a timely and proper manner. Some banks have also reportedly transmitted client data through unsecured communication channels rather than the protected “NBU Information ARM” channel, as stipulated in the letter. This secure channel is intended for such communications “according to the rules for using task ‘T’ (protected correspondence, identifier).” However, some financiers have simply been sending data via email.

The NBU not only emphasized adherence to the regulations but also to the deadline for information disclosure, insisting that banks meet the 10-day limit. It specified that banks should provide information on client accounts and transactions conducted on behalf or at the direction of clients, including non-account transactions, with details for specific dates or periods and for specific legal or physical persons, or individual entrepreneurs.

The NBU further stated that banks are required to ensure the confidentiality and secure delivery of information when disclosing clients’ banking details. It underscored that documents marked “Banking Confidential” should not be transmitted via fax or other unprotected channels, suggesting that such cases have occurred.

The NBU also required banks to refrain from ignoring requests for banking information and to provide the BES with all necessary client data. Additionally, banks are prohibited from informing clients or any other third parties about these disclosures. Banks that fail to meet these requirements face penalties.

“Given the above, we emphasize that failure to provide information requested by the BES, providing knowingly false or incomplete information, or failing to meet the deadlines or procedures established by Rules No. 267 and other Ukrainian legislation, or notifying third parties about the collection of such information, constitutes a violation of banking legislation requirements regarding the disclosure of banking secrecy, including Article 1076 of the Civil Code of Ukraine, Article 62 of the law on banks, and Rule No. 267, under which the National Bank may impose sanctions,” the letter No. 24-0006/81883 stated.

The letter was signed not by the usual deputy overseeing this area, Dmytro Oliinyk, but by the NBU Chairman, Pyshny.

In October, a member of parliament reported that Ukraine’s Tax Service intends to examine confidential banking information about Ukrainians and businesses. Recently, the NBU outlined criteria for checking businesses and freezing accounts.