Financial monitoring: what to do if the Bank blocked the money transfer

Problem can affect any client of the Bank.

In Ukraine because of the new law on Financial monitoring, some banks have begun to block even small transfers, for violation of the rules can even freeze the Deposit and block money, reports the with reference to the Apostrophe.

“Blocked deposits even under the pretext of financial monitoring. Courts have held that such actions were illegal and were forced to return the money,” says senior partner of law firm “Kravets and partners” Rostislav Kravets.

He explains that in Ukraine, a selective approach to EU directives, the practice of the European countries and the United States, but do not pay attention to what they are to such standards was dozens of years building their financial system

“We’re trying suddenly to adopt the practices of other countries without taking into account the situation in Ukraine, it leads to disastrous consequences,” – said the lawyer.

Financial monitoring may relate to any customer of the Bank. In this part of the operations required to check by law.

We are talking about:

  • operations cash (transfer, Deposit, payment of funds payment for the transaction);
  • all operations of physical persons-entrepreneurs (entrepreneurs) legal entities that have registered in the last three months;
  • exchange of notes, transfer of funds abroad;
  • financial transactions with clients a high level of risk;
  • all operations in the amount of 400 thousand UAH, etc.

The lawyer advises: if your transaction is blocked, refer the complaint to the NBU. And in the future the best way out is to close your Bank account and open it in another financial institution.

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