KYIV, Aug 18 – Not only banks but also other reporting institutions – insurers, payment institutions, postal operators, auditors, bookkeepers, etc. – must respect the financial monitoring requirements for Politically Exposed Persons (PEP), the National Bank of Ukraine (NBU) said.

According to the law on financial monitoring, violation of the requirement for checking and disclosure of PEP is punishable by a fine of up to 12,000 non-taxable minimum incomes (up to UAH 204,000).