NBU fines City24 operator another UAH 14.63 million

The National Bank of Ukraine has fined City24’s operator another UAH 14.63 million, taking sanctions against the company this year to almost UAH 150 million. The operator also received a written warning over breaches of legislation governing payment services and reporting. Those are the concrete regulatory actions in this week’s update.

The company is Swift Garant LLC, which operates in the payments market under the City24 brand. For clients who recognise the service name rather than its legal operator, the distinction identifies the recipient of the sanctions: City24 is the brand, while Swift Garant is the company named in the action.

The information was published on 6 October and is part of our Wednesday, 7 October review. The sharpest figure is the size of the latest fine. Alongside it sits a broader annual total, expressed approximately rather than as an exact accounting figure: almost UAH 150 million in sanctions this year.

UAH 14.63 million and a written warning

The latest episode contains two measures against the same operator: a financial penalty and a written warning. The warning concerns breaches of requirements in payment services and reporting. It belongs alongside the fine in the account of the NBU’s action, rather than being treated as a separate case against another business.

The monetary amount attached to the new fine is UAH 14.63 million. No additional monetary amount accompanies the written warning. We therefore keep the two measures distinct instead of assigning a cash value to the warning or presenting it as another fine with an assumed financial cost.

The identified areas of non-compliance are payment services and reporting. That gives the regulatory subject of the warning without establishing details about particular transactions, customers or filings. The confirmed account stays with the company, the measures and the amounts, rather than attributing specific conduct beyond those stated areas.

At our desk, this is an update on an NBU action against a payments operator. It does not establish a movement in the hryvnia exchange rate. Our counter quotations remain separate from the penalty figures and are available through current Obminvalut rates; the sanction amount is not an exchange quotation.

Annual sanctions approach UAH 150 million

The new penalty comes against a larger accumulated total. Almost UAH 150 million describes sanctions against the operator this year, while UAH 14.63 million describes the latest fine. The annual figure makes this more than an isolated monetary penalty: another sanction has been added to the company’s record this year.

Those amounts belong to different time frames and should remain side by side. The annual total is presented as the current cumulative figure. Adding the latest fine to it again would produce a different number that the published facts do not support. There is no such additional total in our update.

Likewise, “almost UAH 150 million” remains an approximation. It cannot support an exact calculation of earlier penalties or a precise percentage share for the latest fine. The publication date anchors the news to this week; it is not a separately confirmed date for the NBU’s decision. The confirmed outcome remains another UAH 14.63 million fine and a written warning for Swift Garant, the operator behind City24.

Based on reporting from Мінфін.