The National Bank of Ukraine (NBU) press service reported that the NBU fined Sberbank’s subsidiary in the amount of 94.7 million hryvnias (more than 3.4 million) for violating financial monitoring legislation.
It is noted that the Ukrainian regulator fined Sberbank “for repetitive risky behavior in the field of financial monitoring for a total amount of over 3 billion UAH” (over $108 million).
According to the NBU, Sberbank allowed continuous major financial cash withdrawals from corporate accounts. According to the regulator, this may be associated with legalizing criminal cashflows and fictitious businesses. The NBU also adds that Sberbank conducted credit card settlements abroad for gambling companies.
In December 2018, the NBU revoked another Russian bank’s subsidiary, the VTB, banking license and decided to liquidate it. Earlier the regulator deemed it insolvent.