On 23 December 2015, the Board of the National Bank of Ukraine issued Resolution No. 920 On Amendments to the Regulation on the Procedure for Arranging and Conducting Inspections to Prevent and Counteract the Legalization (Laundering) of the Proceeds from Crime, Terrorist Financing, and Financing of Proliferation of Mass Destruction Weapons.

This resolution has, inter alia, introduced a requirement for banks to submit to the NBU quarterly Risk Management Reports and Risk Assessment Reports in the area of financial monitoring.

Based on these reports, the NBU will assess risks arising from the use of services rendered by banks to legalize (launder) the proceeds from crime, finance terrorism, and finance the proliferation of weapons of mass destruction.

The resolution has been drafted through joint efforts of the NBU and the International Monetary Fund to implement risk-based instruments of on-site and off-site banking supervision in the area of financial monitoring.

Resolution No. 920 enters into force on the day following its official publication.