The National Bank has published for discussion a draft of amendments to the Rules for the storage, protection, use and disclosure of banking secrecy, approved by the NBU Board Resolution in July 2006. This was reported by the regulator's press service.
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What is known
The law provides for the addition of a new clause 111 to the first part of Article 62 of the Law “On Banks and Banking Activities”. According to it, the right of notaries to receive information containing banking secrecy is established in order to take measures to establish guardianship over the property of an individual recognized as missing or a person who has disappeared without information.
The National Bank's draft provides for regulation of the procedure for disclosing information constituting a banking secret, at the request of notaries, officials of local government bodies authorized to perform notarial acts, and consular offices to banks.
The regulator will accept comments and suggestions on the project until March 18, 2025.
Background
Earlier, Finance Minister Serhiy Marchenko said that employees of the State Tax Service should have access to the financial data of Ukrainians, which is currently a banking secret. “As the Finance Minister, I believe that maximum transparency and openness in paying taxes is our future. And we should not be afraid to disclose banking secrecy, which, as we believe, protects us from something. Banking secrecy protects thieves and criminals,” Marchenko added.
He is convinced that banking secrecy for tax officials will still be abolished within the framework of European integration. At the same time, the head of the Ministry of Finance admitted that this could be hindered by Ukrainians' distrust of state institutions.
In turn, the Chairman of the Board of the NBU, Andriy Pyshnyy, previously noted that maintaining banking secrecy remains one of the fundamental tasks of the National Bank, which is becoming especially relevant in light of Ukraine’s integration into the EU.
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