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Укр The Association of Ukrainian Banks received detailed explanations from the NBU on the mechanism of financial monitoring of the RER
The Association of Ukrainian Banks (AUB) has received thorough and detailed explanations from the National Bank of Ukraine (NBU) on the issues of financial monitoring by financial institutions when servicing clients who are politically exposed persons (PEPs).
The NBU's letter detailed the mechanism for servicing DFTs, the criteria for classifying clients as DFTs, the procedures for identifying and verifying DFTs, and the specifics of financial monitoring of DFT transactions.
These clarifications will improve the efficiency of application by Ukrainian financial institutions of the new legislation on the RER, the adoption of which was a condition for the start of negotiations on Ukraine's accession to the EU and an important structural beacon of the IMF. The NBU's clarification will contribute to the fight against money laundering and corruption, reduce the risk of corruption or corruption-related offenses, and increase confidence in the Ukrainian financial sector.
“We are grateful to the NBU for its prompt response to the request of the financial community. The new rules for servicing the RER are an important step towards improving the efficiency of financial monitoring in Ukraine. The clarifications provided by the NBU will increase the effectiveness of the application of the new legislation on the CRA by Ukrainian financial institutions, improve the quality of customer service and help financial institutions to properly fulfill their obligations to prevent and detect financial crimes,” said Yaroslava Avramenko, Vice President of the AUB.
The DBA Vice President emphasized that Ukrainian financial institutions comply with the requirements of the CRA legislation and fulfill their financial monitoring obligations.
AUB looks forward to further cooperation with the NBU and other government agencies in the field of financial monitoring and anti-corruption.
The Association of Ukrainian Banks expresses its gratitude to the NBU for prompt response to the request of the financial community and for the high level of professionalism in providing detailed explanations.
