The National Bank of Ukraine has changed the requirements for banks' risk management practices in the area of financial monitoring.

First, ongoing risk-based analysis of financial transactions has replaced quarterly formal analysis of such transactions.

Second, banks shall adopt a unified approach to addressing areas of concern in financial monitoring in line with international practices. More specifically, these issues shall be addressed  on a collegiate basis by a committee established at each bank that comprises heads of the bank’s head and  front offices, employees of the legal and risk management departmentsю

 The shift from formal evaluation of financial standing of bank customers to analysis of their financial capacities will  help banks make risk management more efficient and effective.

The amendments to this effect  are introduced by  NBU Board  Resolution No. 42 of 25 May 2017 On Amendments to Some NBU Regulations, which shall come into effect  on the day following its official publication.