NBU explained the nuances of the new law on financial monitoring

April 28 in Ukraine entered into force a new law on financial monitoring. In the Bank claim that for 95% of Bank customers, these changes do not complicate life, but rather simplifies.

НБУ разъяснил нюансы нового закона о финмониторинге

It is reported by the national Bank of Ukraine in Facebook.

“All Bank customers have been identified. They were in the office, filled out the form and provide photocopies of their documents. Their identification conducted. The changes mainly concern not identified operations. But, this is not a ban to hold them, it is rather additional requirements”, — explained in the national Bank.

The main innovations of the law on financial monitoring:

1) Introduces a risk-based approach in working with clients. This means that high-risk clients to check more thoroughly. We are talking about politicians or the oligarchs — those who can perform operations on large amounts.

2) Increased the threshold limit of mandatory financial transactions monitoring. Previously, banks were required to reported to the FIU all transactions of 150 000 UAH, and among the reasons for this as many as 17 signs. The new law also increases the maximum threshold amount to 400 000 UAH and reduces the list of signs of operations. Now there are only four. Need to report on such operations: cash; transfer of funds abroad; transactions of the customers from countries that operate “in antilocalization Feret”, such as North Korea.

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3) Enter the full identification. Now, to open a Bank account, no need to go to the office. To verify your identity either via video call or through the system BankID.

4) expands the Law to require identification from those who make the money transfer. This does not apply to money transfers from card to card. Bank card — this is an identified product, and the Bank information of the cardholder.

We are talking mainly about transfers without opening an account, for example recharging the account through the terminal. That is, if people will Fund my account via the terminal in the amount of more than UAH 5 000, will need identification.

5) In fact extends the list of entities of initial financial monitoring, that is, those who actually identifies the client. Now the list has expanded postal operators, realtors, lawyers, representatives of the gambling industry and those who provide tax Advisory services. To all whom it may concern, will provide time to adapt to the end of the year.