Monobank criticized PrivatBank over banking secrecy: response from the state bank.

A discussion has arisen around PrivatBank regarding the disclosure of banking secrecy for clients using the 'National Cashback' card.

Disputes arose after the publication of the contract of PrivatBank connector Oleg Gorokhovsky from Monobank.

According to the agreement, the client allows the bank to disclose information about payment operations when receiving the 'National Cashback' card. This allows determining which goods are of domestic production for which cashback is provided. It should be noted that after the closure of the 'National Cashback' card, all permissions are automatically revoked the next day.

Monobank's verification showed that this bank also transmits data about payment operations to the information and communication system 'Cashback Made in Ukraine', but formulates it more specifically in its agreement.

PrivatBank only transmits information regarding transactions of expenses or returns of goods in stores, in accordance with CMU Resolution No. 952 dated August 20, 2024

Yaroslav Zheleznyak, a member of the profile committee, confirmed that the CMU resolution contains a clause that requires obtaining permission to disclose banking secrecy.

According to the Law 'On Banks and Banking Activities', banking secrecy can be disclosed upon a written request from the tax service. In addition, access to banking secrecy is held by the Ministry of Finance during audits of state aid recipients, notaries, private executors of court decisions, and law enforcement agencies by court decision.