11:45 12.02.2016

Insurers obliged to submit information if they have business contacts with persons from sanction list by March 6 to regulator

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Insurers obliged to submit information if they have business contacts with persons from sanction list by March 6 to regulator

Ukrainian insurance companies are obliged to provide information if they have business contacts with individuals and companies mentioned in the sanction list outlined in the decision of the National Security and Defense Council of September 2, 2015 on the application of personal special economic and other restrictive measures (sanctions) to the national commission for financial service markets regulation in a monthly term.

The regulator reported on its website that resolution No. 3378 approved by December 22, 2015 on providing for the implementation of personal economic sanctions and other restrictive measures (sanctions) registered in the Justice Ministry on January 14, 2016 took effect on February 6, 2016.

Financial institutions and insurance brokers within one month are to submit information if they have ultimate beneficiaries among individuals and companies mentioned in the sanction list.

Financial institutions in the first decade of each month that follows the reporting month are to submit information about attempts to carry out financial transactions by individuals and companies mentioned in the sanction list to the national commission.

The resolution obliges financial institution not to establish business relations with persons from the sanction list and stop carrying out financial transactions in favor of these persons.

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