Accessing banking confidentiality: A lawyer explains when banks will disclose account information.

What Information About a Person Can Banks Now Disclose and Under What Conditions

According to Alexey Bebel, the law "On Amendments to Certain Legislative Acts of Ukraine Regarding Specific Issues of Disclosure of Banking Secrets and Measures for Establishing Guardianship Over the Property of an Individual Recognized as Missing or Missing Under Special Circumstances" pertains to individuals who are missing, regardless of whether they have relatives or close ones.

"Therefore, what happens to a person's property in such cases is unknown, and thus it needs to be secured. In light of this, notaries are granted the authority to manage such property. Specifically, they can approach banking institutions with inquiries about whether such individuals have bank accounts and other valuables that may be held in banks. Banking institutions will provide notaries with information in response to these requests," the lawyer explained.

Notaries have been granted additional rights to obtain banking information about the property of missing persons.

Now notaries will be able to access the following information:

• the existence of accounts, deposits, or electronic wallets of individuals;
• the balance of funds, electronic money, or banking metals in accounts;
• information about movable property that is held or pledged in a bank;
• the existence of lease agreements for individual bank safes;
• escrow accounts and the funds in them intended for beneficiaries.

According to Bebel, the law stipulates that notaries will have the ability to inventory the property of an individual recognized as missing or missing under special circumstances, as well as appoint a guardian for such property. The guardian will have the right to obtain certificates regarding notarial actions performed in relation to the missing person if required for the guardianship of the property.

Furthermore, as a result of the implementation of the new law, notaries will have access to the Unified Register of Persons Missing Under Special Circumstances.

It is noteworthy that the law signed by the president allows not only notaries but also officials from local government bodies and consular institutions to access banking information. This will occur for the purpose of protecting inherited property.

Fortunately, a missing person is not always presumed dead. There is a possibility that they are alive. Therefore, when they return, their property and bank accounts will be preserved.

This particularly concerns the issuance of a certificate of inheritance rights or ownership rights to a share in joint property of spouses based on the relevant application or in the event of the death of one of the spouses.

"This in no way violates the rights of citizens. After all, we understand that fortunately, a missing person is not always presumed dead. There is a possibility that they are alive. Therefore, when they return, their property and bank accounts will be preserved," added Alexey Bebel.