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The National Bank of Ukraine Adopts a Risk-Based Approach in the Area of AML/CTF Compliance

26 July 2017



The National Bank of Ukraine adopts a risk-based approach to conducting inspections on prevention and counteraction to legalization (laundering) of the proceeds from crime, terrorism financing and financing proliferation of weapons of mass destruction. The new approach will help enhance the efficiency of supervison performed by the NBU over compliance by resident banks and non-banking institutions that are payment institutions, members or participants of the payment systems with AML/CTF legislation.


The amendments took into account proposals put forward by the Independent Association of the Banks of Ukraine. In particular, the regulator has extended the timeframe from three to seven days for a bank/non-banking institution to provide explanations on circumstances, violations and conclusions (if available) to the NBU after the receipt of a certificate on on-site inspection/act along with a cover letter.


These amendments are provided for by NBU Board Resolution No. 66 On Approval of Amendments to the Regulation on the Procedure for Conducting Inspections to Verify Banks’ Compliance with the Law of Ukraine  On Prevention and Counteraction to Legalization (Laundering) of the Proceeds from Crime, or Terrorist Financing” (hereinafter  Resolution No. 2017), which was approved on 24 July 2017.


These amendments shall come into force from 27 July 2017.


Last modification   26.07.2017