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Financial monitoring

The following laws constitute the legal framework in the sphere of prevention and counteraction to the legalization (laundering) of the proceeds from crime or financing terrorism:

- Law of Ukraine “On Prevention of and Counteraction to the Legalization (Laundering) of the Proceeds from Crime, or Financing Terrorism”;

- Law of Ukraine  "On Banks and Banking";

- Criminal Code of Ukraine;

- Code of Ukraine on Administrative Offenses.

 

The National Bank of Ukraine is the entity of state financial monitoring which exercises state regulation and supervision in the sphere of prevention and counteraction to legalization (laundering) of the proceeds from crime or financing terrorism with regard to banks, payment institutions and members of payment systems being banking institutions.

 

In order to prevent using the banking system to legalize (launder) the proceeds from crime or finance terrorism the Resolution of the Board of the National Bank of Ukraine #189 of 14 May 2003 approved the Regulation on Implementing the Financial Monitoring by Banks.

 

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