IP/N/1/UKR/1

Ukraine

The Law of Ukraine “On Banks and Banking Activity"

Paragraph 1 of Article 60 provides that information pertaining to the activities and financial status of a client that became known to a bank in the process of rendering services to the client and of mutual relations with the client, or to third persons in rendering services to the bank, and the disclosure of which may cause material or moral damage to the client, is deemed banking secret. Paragraph 1 of Article 61 imposes on a bank an obligation to assure the keeping of a banking secret by the following means: by restricting the circle of persons granted access to the information that constitutes a banking secret; by arranging special management of records in respect to documents containing banking secrets; by applying technical means to prevent unauthorized access to electronic and other information carriers; by including reservation clauses concerning preservation of banking secrets and responsibility for disclosure thereof, in agreements and contracts entered into between the bank and its clients.