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Regulator fines Sberbank Ukraine over breach of rules against money laundering

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Regulator fines Sberbank Ukraine over breach of rules against money laundering

The National Bank of Ukraine imposed a 94.7 million Ukrainian hryvnia fine on PAO Sberbank of Russia unit Sberbank JSC for repeated violations of the country's financial monitoring regulations.

The lender was fined, among other things, for involvement in large-scale cash withdrawal transactions from its corporate clients' accounts, which could have been associated with money laundering and fake business operations, according to the regulator. The value of the transactions questioned by the regulator amounted to over 3 billion hryvnia. Similar regulatory measures were already applied against Sberbank Ukraine in 2015 and 2017, the central bank said in a Jan. 2 filing.

The regulator also said it imposed fines of 450,000 hryvnia and 3 million hryvnia on Raiffeisen Bank International AG unit JSC Raiffeisen Bank Aval and PJSC Commercial Bank Globus, respectively, and issued written warnings for PJSC First Ukrainian International Bank and PJSC Bank Familny over financial monitoring irregularities identified at the lenders.

As of Jan. 2, US$1 was equivalent to 27.82 Ukrainian hryvnia.