With the aim of bringing the regulatory framework of the National bank of Ukraine into conformity with  the requirements of the Law of Ukraine on Prevention and Counteraction to Legalization (Laundering) of the Proceeds from Crime, Terrorist Financing and Financing of Proliferation of Mass Destruction Weapons, dated October 14, 2014 No 1702-VII (hereinafter – the Law), on June 26, 2015, the Board of the National Bank of Ukraine passed Resolution No 417 On Approval of the Regulation on Financial Monitoring Execution by Banks (hereinafter – Resolution No 417).

The provisions of Resolution No 417 will be instrumental in regulating banks' activities in terms of preventing the use of the banking system for the legalization (laundering) of the proceeds from crime, terrorist financing and financing of proliferation of mass destruction weapons in compliance with the requirements of the Law.

With the entry into force of Resolution No 417, NBU Board Resolution No 189, dated May 14, 2003, On Approval of the Regulation on Financial Monitoring Execution by Banks became invalid.