The National Bank has expanded the list of signs of faulty business reputation in the Regulations on Licensing of Banks, applicable to owners of significant participation in the bank, bank managers, head of the internal audit unit, chief risk manager and chief compliance manager. This is stated in the regulator's message.
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What is known
According to the updated list, a person’s reputation is considered flawed in the case of:
- acquisition by a person directly and/or indirectly, independently or jointly with other persons shares in a legal entity that is registered or is a tax resident or its location is the aggressor state and/or has a separate division in the aggressor state; the person holding a position and/or being in an employment relationship, and/or the person providing services in accordance with a civil contract to a legal entity that is registered or is a tax resident or its location is the aggressor state; holding a position by a person in the management body of a legal entity that owns directly and/or indirectly a share in a legal entity that is registered or is a tax resident or its location is the aggressor state and/or has a separate branch in the aggressor state.
Changes to the Regulations on Licensing of Banks were approved by Resolution of the Board of the National Bank of Ukraine dated May 2, 2024 No. 54 and come into force on May 4, 2024.
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