NBU in 2016 submitted to law enforcement authorities the information on customers’ suspicious transactions in 40 banks and 2 non-banking institutions based on results of on-site and off-site supervision processes.
Information submitted to law enforcement authorities referred to:
- large-value cash transactions performed by bank customers;
- financial transactions related to purchase and remittance (of funds) outside Ukraine that can prove illegal capital taking out of the country;
- “sham” financial transactions, using which the real funding sources could be hidden, or capital could be transfer outside Ukraine;
- other risky financial transactions, including transactions performed using forged documents.
During the year, NBU repeatedly informed law enforcement authorities on suspicious transactions while fulfilment of debt obligations by residents under loans attracted from nonresidents in foreign exchange.
“Last year it became more complicated to perform “sham” transactions due to procedure for analysis of financial transactions of banking intuitions introduced by the regulator. Moreover, NBU is in constant dialogue with the market and law enforcement bodies to prevent relevant risks. For instance, due to feedback from law enforcement bodies NBU receives information regarding results of consideration of submitted information, including information on frequent facts of initiated criminal proceedings”, mentioned Mr Ihor Bereza, Director of Financial Monitoring Department.
According to Mr Ihor Bereza, banks have become more efficient in combatting sham FX transactions due to a comprehensive analysis and a thorough banks of information about customers’ financial transactions. As a side note, it became possible owing to adopted Regulation No. 369 On Banks’ Analysis and Verification of Documents (Information) Regarding Financial Transactions and Their Participants of 15 August 2016.