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.

Recent Posts

May 15, 2023

Diia: Empowering Citizens Through Ukraine’s Digital Services Platform

Diia, the digital services platform of Ukraine, has revolutionized the way citizens interact with the government and access public services. In this information package, we…

Continue reading
March 6, 2023

Ukrainian customs code updated for 2023

From January 1, 2023, a new version of the Customs Tariff of Ukraine (Law of Ukraine dated October 19, 2022 No. 2697-IX “On the Customs…

Continue reading
February 8, 2023

NBU predicts lower inflation in 2023 and recovery in 2024

In 2023, inflation will slow down to 18.7%, and real GDP will grow only marginally – by 0.3%. Inflation will continue to decline in the…

Continue reading