President of Ukraine Petro Poroshenko has proposed the Verkhovna Rada of Ukraine to introduce administrative responsibility for financial transactions involving speculations, which should be applicable not only to bank managers but also to the ultimate beneficiary bank. The law On Changes to Some Enactments of Ukraine stipulates responsibility of interested parties connected with the bank, which was registered with the Verkhovna Rada on February 10, under No.2085, RBK-Ukraine (РБК-Україна) reports.

“The today’s problem is inadequate responsibility of interested persons connected with a bank, firstly, bank managers, ultimate beneficial owners of the bank, other substantial owners of the bank passing decisions that negatively affect financial stability of the bank, call for extra regulation“, - the explanatory note to the draft law say.

In connection with this, Poroshenko proposes that the banks should obligatory inform the NBU of all possible interested persons.

Additionally, it is advised to indirectly ban making loan-related operations with interested persons. 

Moreover, the President offers the Parliament to give the NBU the right, while conducting oversight of banks, to independently define natural and legal persons as beneficiaries.

“This will allow making decisions that will alert about anticipating impact of the crisis on stability of the banking system”, - the note says.

The draft law proposes to extend article 166 of the Code of Ukraine about administrative offences to definition “ultimate beneficial owners of banks” and increase penalties for unreliable (incomplete) reporting up to 2-5 thousand tax-free allowances (now amounting to 0.1-1 thousand tax-free allowances). Thus, the penalty can be 85 thousand hryvnias.