PrivatBank explained which income documents PrivatBank's financial monitoring requires from entrepreneurs

PrivatBank may require entrepreneurs to provide confirmations of income sources and may temporarily block their accounts during the verification process in accordance with the law on financial monitoring. PrivatBank's financial monitoring in 2026 year is obliged to arrange such checks for the legality of funds, and without the required package of documents it will be impossible to lift the account restrictions. The bank considers the entrepreneur's income for the last three years, subtracting taxes and living expenses. The list of required papers is clear, but clients often learn about it only after their account is blocked.

The state financial institution "PrivatBank" explained which documents are needed by business clients to confirm the legality of income. For entrepreneurial activity, as noted in its material by News.LIVE, the following documents must be provided:

tax declaration of a private individual-entrepreneur (single tax payer) with a mark from the Tax Service;

declaration on property status and income with a mark from the Tax Authority, with appendices if available;

electronic declaration to the National Agency on Corruption Prevention for the past year for civil servants and officials;

one-time special voluntary declaration with a mark from the Tax Service.

The bank noted that they consider income for the last three years, and in calculations they take the income amount after taxes and living expenses — about 30%.

What triggers account restrictions in the bank

Restrictions on accounts in the context of checks of the legality of operations are provided for by part 1 of article 15 of the law "On Prevention and Counteraction to Legalization (Laundering) of Proceeds from Crime, Financing of Terrorism and Financing of Proliferation of Weapons of Mass Destruction". They do not openly inform the reasons for blocking in order to avoid the possibility of their circumvention by clients. According to experts, blocking can mostly occur for the following reasons:

failure to provide additional documents for financial verification;

lack of reliable information;

inability to establish the recipient to whom the operation is addressed;

exceeding the declared amount of financial turnover for one month;

suspicion that third parties gained access to the account;

receiving negative information about the client from other banks;

daily inflows of transfers and regular cash withdrawals.

Unlocking the account may take from three to five banking days during the initial check, after which the period may be extended for the verification of the additional documents submitted.

Why income source checks trigger customer complaints

The topic of stringent bank financial monitoring has been ringing out more and more lately not only among entrepreneurs but also among public figures. The mechanism for checking income sources is formally the same for everyone, but in practice business clients most often encounter account blocks due to the lack of a ready set of documents.

The situation is complicated by the fact that banks do not explain to clients in advance the full list of reasons for checks, so as not to allow criminals to circumvent the control system. This forces entrepreneurs to learn the rules post-factum, when the account is already blocked and the business loses access to funds.

Earlier Informator reported that PrivatBank's financial monitoring confused two women with the same first and last name — member of parliament Olga Stefanishyna and her namesake, former deputy prime minister and former ambassador to the United States, who received suspicion. Because of this coincidence the bank kept all transfers involving the deputy under enhanced control for a week, including operations between her own accounts and transfers to her children.

We also wrote that the former head of the State Customs Service complained about PrivatBank's financial monitoring when the bank asked him to confirm the origin of funds in his salary account, which he has been using for three years. Kyiv City Council deputy Maksym Nefyodov noted that for these funds he buys Ministry of Finance military bonds, for which simplified monitoring is provided.