Ukraine is considering a bill that will change the procedure for banks’ interaction with the police in relation to suspicious customers' financial transactions, sparking debate about the balance between security and privacy.
Banking secrecy under threat
New rules for banks
On the agenda in the Verkhovna Rada of Ukraine is the consideration of bill No. 11043, which could significantly change the procedure for interaction between financial institutions and law enforcement agencies. According to the proposed changes, banks will be required to provide the National Police with information on customer payment transactions as soon as possible, not exceeding 24 hours, if they have signs of criminal offenses.
Scope of Information Disclosed
The bill provides for a wide range of suspicious transaction information, including:
- Transaction details: amount, currency, date and type
- Technical data: IP address, geolocation, device information
- Personal data of the recipient and sender of funds
- Identifiers of bank accounts and payment cards
- Information about the acquiring bank and payment system
Criticism from experts
The proposed changes raise concerns among legal experts. The General Legal Department of Parliament expressed the opinion that such an approach could violate the constitutional rights of citizens to protect confidential information. Dissemination of information about the financial status of individuals without their consent is considered an unreasonable and disproportionate invasion of privacy.
Glossary
- National Police - National Police of Ukraine, the central executive body ensuring the protection of rights and human freedoms, combating crime.
- The Verkhovna Rada is a unicameral parliament, the highest legislative body of state power in Ukraine.
- Acquirer - a bank or financial institution that serves merchants in accepting payment cards.
- IP address is a unique numeric identifier of a device on a computer network.
- The Criminal Code of Ukraine is a systematic legislative act that establishes the grounds and principles of criminal liability.
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Answers to questions
What changes are proposed in Bill 11043 regarding how banks respond to police requests?
What information are banks required to provide when requested by the police?
Which articles of the Criminal Code of Ukraine are affected by this bill?
What problems do experts see in the proposed changes?
How does the General Legal Department of Parliament evaluate the proposed changes?
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Discussion of the topic – Banking secrecy is under threat: new powers of the National Police of Ukraine
Bill No. 11043 proposes to change the rules for disclosing banking information at the request of the National Police. Banks will be required to provide data about customers and their transactions within 24 hours.
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