Banks of Ukraine will begin to disclose personal data of clients, despite banking secrecy.

Ukraine has adopted an important law on banking secrecy. Banks will now be required to provide information on suspicious transactions of their clients at the request of the police.

The Verkhovna Rada of Ukraine has approved a law aimed at combating financial crimes.

According to the new law, banks are required to provide data only in cases where a payment transaction has signs of a criminal offense, such as fraud, theft or illegal appropriation of funds or property.

If such a situation arises, the National Police will be able to contact the bank and receive detailed information within 24 hours. This information will include the amount, date and type of suspicious transaction, as well as the currency in which it was made. The bank must also provide information about the geolocation and IP address from which the transaction was made.

Particular attention is paid to information about the recipient and sender of funds. The bank must provide full names, taxpayer identification numbers and account numbers of both parties to the transaction. For legal entities, the full company name and its identification code will need to be specified.

The law also provides for the disclosure of technical details of the transaction, such as the payment device identifier, the unique transaction code in the payment system and the full electronic payment instrument number.

It was previously reported that banks in Ukraine are increasing losses despite the war. The Rada proposes to increase taxes for financial institutions to 50%.