NBU liquidating KSG Bank for regular violations involving money laundering
The National Bank of Ukraine (NBU) has decided to revoke the banking license and liquidate PJSC KSG Bank (Kyiv) for regular violations in the fight and prevention of legalization of proceeds received from crime (money laundering), in particular for risk activities in the sphere of financial monitoring, according to the regulator's website.
The NBU adopted corresponding decision No. 239-RSh on August 30, 2016.
According to the report, during the last inspection the NBU revealed the scheme of conversion of bank deposits into cash, in which legal entities, individual entrepreneurs and credit unions were involved.
Participants in the scheme carried out a series of transactions aimed at multi-million dollar remittances to the bank accounts of the bank's individual clients and the subsequent transfer of funds into cash. The customers were unable to carry out operations in such amounts, while some of them lost their passports or the passports did not coincide wit the owners.
The NBU intends in the near future to provide information on financial operations to law enforcement agencies.
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