Since the beginning of martial law on February 24, 2022, the banking and financial sectors of the economy have undergone significant changes, including legal regulation. Several mechanisms of banks' financial monitoring are no exception in that regard, as they were adopted, in varying degrees, to the needs of the Ukrainian present. Considering the importance of the mechanisms for preventing and combating money laundering, terrorist financing, and the proliferation of weapons of mass destruction during the war, we discussed key innovations in the banks' financial monitoring issues which will be applicable until the end of martial law in Ukraine.
During the event, we discussed:
1. New rules of financial monitoring provided by the resolution of the NBU Board № 60 of March 23, 2022 (with further changes and additions):
- Financial transactions which do not require the establishment of sources of origin during martial law
- The procedure for banks cash transferring to the accounts of individuals in the amount of more than 400 000 UAH
- Simplified procedure for identification and verification of military bonds’ buyers
- Features of updating customer data and the use of identifying documents
2. New rules of financial monitoring provided by the Law of Ukraine № 2120-IX of 15.03.2022:
- Features of bank customers' cash deposits to current accounts during martial law
Yuliia Tantsiura, Senior Associate at EVERLEGAL. The main areas of professional activity of Yuliia are dispute resolutions in different jurisdictions, banking law, contract law, land tenure issues. Also, Yuliia provides the development of the area of intellectual property protection. Yuliia has more than 10 years of professional legal experience gained through working in the courts of economic jurisdiction and consulting.
Maryna Dankevych, Associate at EVERLEGAL. Maryna has over 3 years of professional legal experience in litigation and dispute resolution, covering banking and finance, debt collection, and commercial matters. Maryna was involved in projects related to advising one of the most sustainable Ukrainian banks and a domestic financial company on the organization and implementation issues of financial monitoring. Furthermore, Maryna has experience in legal cases related to corporate and family law matters.