AUB partners news

Оn October 17, the forum “Financial Monitoring in Ukraine: Challenges and Prospects” was organized by the Academy of Financial Monitoring and Pro-Integrity with the support of USAID Ukraine and UK International Development. Ukreximbank, a member of the Association of Ukrainian Banks, was represented at the event by Dmytro Vostretsov, Director of the Bank's Financial Monitoring and Currency Supervision Department, the bank' s press servicereports .

Speaking at the panel “Challenges in conducting primary financial monitoring”, Vostretsov emphasized the need for a risk-based approach in dealing with PEPs. He emphasized that this approach allows banks to comply with new standards and improve management efficiency.

As part of his speech, he also cited typical mistakes identified by the National Bank of Ukraine in other banks:

• Checking the PEP status before starting cooperation. Late detection of the status can cause additional risks for the bank.
  
• Systematic verification of customers in databases. Insufficient data screening leads to gaps in the identification of PEP customers.
  
• Control of the origin of funds. Vostretsov noted that the bank should require documentary evidence of the sources of funds from high-risk customers.
  
• The Forum once again emphasized the critical role of financial monitoring in the fight against offenses in the financial sector of Ukraine, stressing the importance of compliance with the new standards..