Today, November 1, the Verkhovna Rada adopted in its first reading bill No. 2179 on financial monitoring and anti-money laundering.

As noted in the explanatory note, the bill proposes to comprehensively improve national legislation in the field of financial monitoring.

The Finance Ministry believes that the bill is important because, firstly, it minimizes time costs for business: from 17 to 4 the number of transactions that must be reported to the primary financial monitoring entities (banks, insurers, credit unions, pawnshops, exchanges). It is noted that reporting will occur on a case-by-case basis..

Secondly, reporting will be simplified.. The amount of financial transactions subject to mandatory financial monitoring, increases from 150 000 UAH to 400 000 UAH. At the same time, reporting deadlines are extended from three to five business days.

The third advantage, the Ministry of Finance called the digitalization of processes: simplified access to financial services through digital identification, t. remote verification of the operation owner will be possible.

In addition, the Ministry of Finance notes equal and fair conditions for all banks. New rules introduced when imposing a fine on banks. With the introduction of the law, the magnitude of the violation will be important, not the size of the authorized capital.

It is also noted that the bill clearly spells out mechanisms for freezing assets and stopping financial transactions, toughening requirements for disclosing the ultimate beneficial owners of companies.

For the third quarter of 2019, the NBU passed to the Security Service of Ukraine information on dubious transactions in 17 banks and two non-bank financial institutions for a total amount of more than UAH 17 billion. It is reported by LIGABusinessInform.