Ukrainian banks will strengthen control: clients will need to disclose their income sources.

Ukrainian banks intend to improve communication with their clients to obtain documentary evidence of their income. This was reported by the Association of Ukrainian Banks (AUB).

The goal of the memorandum is to avoid the use of payment systems for criminal schemes. In other words, this is when people provide fraudsters access to their bank cards and accounts, and they use them for criminal operations.

The Ministry of Internal Affairs also noted that the funds flowing through such accounts may have been obtained illegally, for example, from drug trafficking, human trafficking, or arms trading. Moreover, such accounts are often used to evade taxes and to move money that has been stolen from the accounts of others.

Thus, banks plan to establish uniform standards of transparency and accountability for the entire sector.

'The signed memorandum is a market response to the challenges faced by the banking system and aims to prevent abuses through fraudulent schemes,' emphasized the president of the Association of Ukrainian Banks Andriy Dubas.

In addition, banks also intend to create a unified centralized register of suspicious clients for information exchange. Furthermore, banks agree to 'strengthen communication' with clients to explain the importance of documentary confirmation of their income sources.

We remind you that banks have lowered interest rates on deposits for Ukrainians.