PrivatBank requires clients to update their data: what will happen to accounts in case of refusal.

Updating clients' personal data at PrivatBank

According to Novyny.live: PrivatBank informs about the need to update clients' personal data in order to continue servicing their accounts. Failure to comply with this requirement will lead to blocking access to accounts and the mobile application 'Privat24'. According to Ukrainian legislation, updating personal data is mandatory for all bank clients.

This requirement is based on the law 'On preventing and countering the legalization (laundering) of proceeds obtained by criminal means, financing terrorism, and the proliferation of weapons of mass destruction'. The frequency of data updates is determined individually, but not less than once every five years. In case of non-compliance, clients will not be able to carry out transactions with their cards and accounts.

Data update process

To update data through 'Privat24', clients need to go through several stages:

• Select the option 'Update information'.
• Confirm the absence of connections with aggressor countries.
• Enter the card PIN code.
• Complete the survey in the questionnaire.
• Add a document from 'Diia'.
• Take a photo of the document.
• Indicate the place of registration or actual place of residence.
• Provide information regarding social status.

As PrivatBank notes: 'If your identification data has not changed, the bank still needs to obtain documentary confirmation of their validity and update your information in the questionnaire.'

Updating clients' personal data is an important aspect of banking operations in Ukraine, as it helps to prevent potential offenses and ensure the security of financial transactions. PrivatBank's requirement to update information complies with legislative norms and contributes to maintaining transparency in the banking system. Clients should pay attention to this information to avoid inconveniences in using their accounts and banking services.