Ukraine`s chief banker estimates banking transparency at 98%

National Bank of Ukraine (NBU) Governor Valeriya Gontareva says the transparency of the Ukrainian banking system is currently estimated at 98%, with only a few small banks having failed by now to get documents about their ownership structure verified.
Gontareva noted that two years ago the situation was totally different when 27% of the banking system was characterized as non-transparent.
”We knew about actual beneficiaries of some banks who were working under the guise of teams of 11 nominal owners. But in most cases we did not have the slightest idea about their actual major shareholder,” Gontareva said when speaking at the first annual research conference titled ”Transformation of Central Banking.”
The event was organized in cooperation with Narodowy Bank Polski, with the assistance of the Government of Canada and the Kyiv School of Economics.
Gontareva also stated that the regulator had initiated amendments to the legislation increasing the responsibility of bank shareholders to make them act in a more responsible way.
As UNIAN reported earlier, the NBU has already completed the main stage of the procedure to disclose real owners of Ukrainian banks, which started in March 2015. The regulator then demanded that banks provide information about their actual owners and shareholder controllers. In October last year, the NBU ordered the banks to complete the process of legalizing their ownership structure by the end of the first quarter of 2016.
The NBU says that the earlier announced completion of the process of disclosure by banks of their real owners does not mean that all bank owners will be made public as of April 1, as some banks` documents could undergo the regulator`s verification and this process is still under way.

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