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Clarifications regarding re-identification of customers

01.03.2016

Many clients of UniCredit Bank have recently received an invitation letter from the bank asking them to come around to any branch for re-identification. All customers of Ukrainian banks tend to get letters of the kind from time to time as per the Ukrainian legislation*. Since the procedure is obligatory, experts from compliance department at UniCredit Bank have decided to explain what exactly it is and why it is important.

Re-identification is a very important and necessary step on the way to preventing money laundering, terrorism financing and other illegal activities. To be re-identified, one needs to fill out the questionnaire, confirming or updating personal information. The law requires that the customer personally fills out the the form at the branch. To do that one needs a passport and individual tax number.

The frequency of re-identification depends on the risk group the client is automatically assigned according to his/her activity. 

According to the requirements of paragraph 62, section V of the Regulation on the implementation of financial monitoring by banks №417, any bank is obliged to check customer information:

  • at least once a year, if the risk of criminal income legalization/financing of terrorism operations in client’s activity is estimated as high;
  • at least once every two years, for clients with average risk;
  • at least once every three years for all other customers.

"Recently re-identification procedure has been widely discussed and has acquired some myths to it. Clients do not always understand why they need to spend their time for the procedure, which does not bring them any benefit. But we must understand that this is not so much about benefits but, first of all, about transparent partnership between a bank and a client. This being said, the fair exchange of information is a normal practice in Europe, no more causing any public uproar. This synergy is quite effective – it is more and more difficult for fraudsters to create new money laundering schemes, – noted Oleksandr Hryhorenko, Head of network support division at UniCredit Bank. – We did everything possible to make this procedure comfortable for our clients – they can fill out the form at any bank’s branch and it takes no more than 20 minutes of time."

* Law of Ukraine "On Prevention of and counteraction to money laundering, terrorism financing and spreading weapons of mass destruction" and the Law of Ukraine "On Banks and Banking".

 

NOTE

Ukrsotsbank is one of the largest universal banks of Ukraine, operating in the local market since 1990. The bank offers full range of services to individuals and corporate clients.

The renovated Ukrsotsbank emerged on 31 October 2016 as a result of strategic deal whereby 99.9% of Ukrsotsbank shares have been transferred from UniCredit Group to ABH Holdings S.A. (АВНН) in exchange for a minority 9.9% stake in ABHH. Thus, the bank has combined 26-year-old traditions of Ukrsotsbank’s client-centric attitude, European quality of service inherent to UniCredit, as well as international banking expertise of ABHH in a number of European countries including CIS. Thanks to the successful synthesis and synergy of the two assets of ABHH in Ukraine, Ukrsotsbank and Alfa-Bank, the banking market of Ukraine will see the rise of a new stronger financial institution. This, in turn, will spur up technological advance, increase efficiency, improve quality of service for the clients, reduce cost of banking services whereas their range will inevitably expand.

The extensive retail network of Ukrsotsbank consists of 237 branches, its headcount reaching nearly 5 thousand employees.


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