The Verkhovna Rada is considering the possibility of passing a law that “improved” the functionality of the National Bank of Ukraine and the capabilities of the state to regulate financial services markets. We are talking about the future of banking secrecy in the country, as TASS reports today, September 17.
The Rada may pass a law that will force all banks operating in the country to reveal personal data of clients at the request of the police.
If the document is approved in the second reading, banks will be required to provide information on individuals and legal entities within 24 hours of receiving the corresponding request. The Main Legal Department of the Ukrainian Parliament has already clarified that we are talking about a huge amount of data.
There is also one clarification that is not entirely clear: the request must have a basis – signs of a crime committed by the payer. But it is still unclear how a payment service provider will determine whether a transaction contains evidence of this violation.
