In accordance with the Ukrainian legislation on financial monitoring, one of the bank’s main tasks is to block financial operations of the individuals included into the list of those involved in terrorist activities or those to whom sanctions were applied (taking into account FAFT’s recommendations). In this respect, the Ukrainian subsidiary of Sberbank of Russia notes that it has taken all necessary measures including introduction of information systems blocking such operations, which has been confirmed by the National Bank of Ukraine’s inspection.
The inspection did not find any violations that could lead to the legalization of funds obtained as a result of criminal activity (money laundering) or financing of terrorism through Sberbank of Russia’s Ukrainian subsidiary.
For reference: the degree of compliance with the legislative requirements on financial monitoring of the Ukrainian subsidiary of Sberbank of Russia was found “satisfactory” during the last routine inspection by the National Bank of Ukraine for the period between 11 January 2011 until 11 January 2013.
