Cistran Finance Exploring the Spirit of Capitalism's New Frontier

Tuesday, January 23, 2018

NBU to revoke Green Bank's license

The National Bank of Ukraine (NBU) said on Monday that it will revoke Green Bank's license.

While the bank was under NBU supervision, it had shown evidence of violating Ukraine laws regarding the known financial support of criminal or terrorist activity. The bank failed to meet requirements set by the regulator to stay within the law's parameters.

In one specific incident the NBU revealed, the bank allowed large-scale cash transactions that were unusual for a bank of this size. It was with this infraction that the NBU decided that the bank should be shut down.

Amended laws that deal with banks and the financial sector will take effect on Feb. 7, and these laws allow the NBU to revoke banking licenses in cases of financial institutions violating laws against the financial support or gains from criminal or terrorist activity.

Organizations in this Story

National Bank of Ukraine

Get notified the next time we write about National Bank of Ukraine!