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Proposed changes to banks' rights to identify individuals

The National Bank proposes to grant third parties the right to identify and verify individuals when opening accounts at a bank.

On June 13, the National Bank unveiled a draft amendment to the Instruction on the opening, use and closure of accounts in national and foreign currencies. According to the document, the identification and verification of individuals in banks can be made by third parties (banks).

In particular, the draft provides rights for banks:

·         on the basis of relevant contract the bank- identifier, when opening an bank account use the information on the identity of clients - individuals received from a single national system of electronic remote identification of individuals and entities Bank ID of the National Bank of Ukraine (hereinafter - the system Bank ID );

·         to entrust to legal entities- residents, individuals - entrepreneurs - residents and individuals- residents (agents) confirm the identity of clients - individuals of the bank (under relevant contract).

Draft for public comment posted on the official website of the National Bank of Ukraine:

Interested parties may submit their comments and proposals by 19 July.


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