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PrivatBank controversies

Controversies tied to this brand in public sources. A listing is not a finding of fault.

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  1. 2021

    Latvian regulator fines PrivatBank for money-laundering control violations

    Fine or penalty

    In a decision dated 23 November 2021, Latvia's Finance and Capital Market Commission fined AS PrivatBank EUR 768,653 for violations of laws concerning money laundering and terrorism and proliferation financing. The regulator also required the bank to address problems with its internal controls. The decision was reported by BNN News.

    Latvia’s Finance and Capital Market Commission decided to fine AS PrivatBank EUR 768,653 for violations of laws concerning money laundering and terrorism and proliferation financing. The bank was also required to address problems with its internal controls.

    Company response

    • Remediation — PrivatBank

      In an effort to improve the internal control system, as of September 2021 PrivatBank has implemented 90% of recommendations previously presented by external and internal auditors.

    Source excerpt

    • Latvia’s Finance and Capital Market Commission has decided to fine AS PrivatBank EUR 768 653 for violations of the Law on the Prevention of Money Laundering and Terrorism and Proliferation Financing.
    Source

  2. 2019

    PrivatBank sues Discount Bank over alleged $600 million fraud

    Lawsuit filed

    PrivatBank filed a lawsuit naming Discount Bank as a defendant and accusing it of aiding an alleged scheme involving at least $600 million. The allegations are claims in the lawsuit, not findings of fact.

    Stated objective. recoup 2.1 billion Israeli Shekels, or $600 million

    Source excerpt

    • State-owned PrivatBank has filed a new lawsuit, this time against Israel’s Discount Bank. The bank is accused of aiding the Ukrainian oligarchs Ihor Kolomoisky and Gennadiy Boholyubov in stealing at least $600 million.
    • A claim filed on Dec. 18 in the Tel Aviv District Court by Israeli lawyers retained by PrivatBank and the Ukrainian government shows that PrivatBank is aiming to recoup 2.1 billion Israeli Shekels, or $600 million, it alleges were transferred into accounts held at Discount Bank.
    Source