The head of Ukraine’s National Bank, Andriy Pyshny, addressed the Verkhovna Rada regarding the recent controversy surrounding Monobank co-founder Oleg Gorokhovsky, who disclosed a client’s personal information. During his testimony, Pyshny acknowledged that Gorokhovsky’s reaction was excessively emotional and indicated that further actions concerning the bank would be communicated after the banking supervision committee reaches a decision.
According to a live broadcast of the parliamentary session, the National Bank had promptly requested clarifications from Monobank once the situation gained public attention. Pyshny also commented on media reports suggesting that a state examination confirmed the flag visible in the background of the client’s photo was indeed the Russian tricolor, contrary to the client’s claim that it was the Slovak flag.
“We certainly took into account the significant information released in the media, indicating that the state examination verified that it was indeed the flag of the Russian Federation. We have not seen the details yet. These matters will be investigated. For now, we have simply acknowledged this fact,” Pyshny stated.
Despite the sensitive nature of the incident, Pyshny emphasized that any negative reactions, even concerning the flag of an aggressor nation, must comply with legal standards, and that the protection of banking secrecy is guaranteed.
“The National Bank directed a relevant inquiry to the bank (referring to Monobank). The bank took some time to prepare the necessary materials, provided a response to our inquiry, and submitted a substantial number of documents, as regulatory actions require thorough examination. Currently, we are analyzing the extensive documentation received from the bank in response to our request,” he added.
Pyshny noted that the outcome of this investigation will result in a report outlining the regulator’s stance on the incident.
“We will determine whether there was a violation, if the actions align with the internal control system, and if the mechanisms for safeguarding banking secrecy are adequate. After reviewing the report, the banking supervision committee will decide whether to initiate administrative procedures. Subsequently, the National Bank will collectively assess the matter and determine any necessary measures,” he explained.
He also reminded the committee that, by law, the regulator has six months from the start of any financial institution’s inspection to reach a decision regarding sanctions.
On March 25, lawmakers voted in favor of calling Pyshny to parliament to report on the situation involving Gorokhovsky’s disclosure of the client’s personal data.
Gorokhovsky had published a photo of the bank’s user taken during a video verification process, claiming that a Russian flag was visible in the background. The client later contested this, asserting that the flag was actually from Slovenia and criticized the sharing of her photo without consent.
On the evening of March 11, Gorokhovsky issued an apology for posting the client’s photo, explaining that his actions were a hasty emotional response to the sight of the Russian tricolor. In a Telegram post, he expressed that after years of conflict, the flag provokes intense anger in him, leading to his impulsive reaction.
Gorokhovsky reassured other Monobank clients that their personal data remains secure.
The head of Ukraine's National Bank addressed parliament regarding Monobank co-founder Oleg Gorokhovsky's disclosure of a client's personal data. He confirmed that an investigation is underway to assess potential violations and ensure compliance with banking secrecy laws.