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Укр State Register of Sanctions: a new step towards transparency of financial transactions in Ukraine
The Association of Ukrainian Banks welcomes the launch of the State Register of Sanctions, which became available to the public from February 1, 2024. The register is a unique tool that allows you to obtain up-to-date and reliable information about entities subject to sanctions in accordance with the legislation of Ukraine.
Currently, the register contains information on 17,202 individuals and legal entities considered subject to sanctions, reports to the NSDC. According to media reports, among them are persons involved in the annexation of Crimea, aggression in Donbas, financing of terrorism, corruption, violation of human rights and other actions that threaten the national security and interests of Ukraine. The register is maintained by the RNSBO Apparatus.
"The register is an information and communication system that provides collection, accumulation, protection, accounting, display, processing and provision of information about all entities subject to sanctions", - it is stated in the decision of the National Security and Defense Council of Ukraine (NSDC) dated January 29, 2024.
The sources of information for the Register are decisions of the National Security and Defense Council of Ukraine, as well as court decisions on the application of sanctions.
"The data in the register is updated promptly. They are open and publicly available, except in cases provided for by law. The website has the possibility to obtain an extract with information about a person in electronic form," the press service reported RNBOU.
The State Register of Sanctions is becoming an important tool for banks, notaries, entrepreneurs, companies and citizens who seek to verify financial transactions and establish business relationships.
The Association of Ukrainian Banks believes that the implementation of the State Register of Sanctions will help increase the transparency of the financial system in Ukraine. The opening of the publicly available State Register of Sanctions will increase the efficiency of banks' search for information about clients, will contribute to the formation of reliable information about the client, will help to identify financial transactions in relation to which there are sufficient grounds to suspect that they are related to, relate to or are intended for financing terrorism, will improve the classification of its clients with taking into account the risk criteria determined by the State Financial Monitoring Service of Ukraine.
The use of the State Register of Sanctions by citizens, banks, notaries, and businesses will help to obtain reliable and up-to-date information about sanctioned persons and the sanctions applied to them. This will avoid possible negative consequences from cooperation with such persons, as well as support state policy in the field of national security and defense. This initiative is part of Ukraine's broader efforts to increase transparency and responsibility in the financial sphere, which are aimed at ensuring the stability and security of the economic systems of the country.
