Law on Financial Monitoring: Banks Receive an Indulgence from the NBU

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Banks must already adapt to the new requirements, but the gradual transition provides for temporary concessions

Law on Financial Monitoring: Banks received concessions from the NBU. Photo: YouControl

The NBU will no longer recover for failure to comply with the requirements of the new law on financial monitoring, if entities pass other checks. This was stated by the first Deputy Chief of NBU Ekaterina Rozhkova.

“There are already criteria, but the regulator’s position is this: Banks must develop procedures in advance to meet the requirements. But if everything else is in order during the inspection, temporarily we Failure to follow these standards will not fix them, ”Rozova said.

In addition, the regulator will provide non-banking financial institutions with time to implement the rules of the law, therefore, verification and application of measures for violation of the law will not begin immediately for them – but only after 1 January 2021 .

“By January 1, we will most likely assess the situation, where there are gaps between the requirements of the law and the regulatory functions of the regulator, and the procedures, procedures, how they work in hotel companies to help the industry build the right financial monitoring system Help, ”in National Bank.

In addition, the NBU Deputy Chief recalled that the regulator is developing financial monitoring provisions for non-banking financial institutions. According to him, joint development of relevant processes with non-banking financial institutions will take another month.

Summary PAYSPACE magazine

Recall, in Ukraine from April 28, the law “On the prevention and prohibition of the legalization of criminal income, the financing of terrorism and the spread of weapons of mass destruction” came into force.

Simply put – a new law on financial monitoring and anonymity of customers, which changes the maximum amount of financial transactions subject to control. Previously, it was a question of amounts from 150 thousand UAH, according to the new rules, operations would be controlled in the amount of 400 thousand UAH. Read more in PaySpace magazine.

Read: Legislation on financial monitoring: how to make transfers and pay for services.

According to the material Interfax-Ukraine


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