On April 28, 2020 a new version of the Law of Ukraine “On Prevention and Counteraction to Legalization (Laundering) of Proceeds from Crime, Financing of Terrorism and Financing of Proliferation of Weapons of Mass Destruction” came into force, the so-called Law on Financial Monitoring (hereinafter - the Law).
According to p. 2 of art. 5 of sect. II of the Law our company is referred to specially designated subjects of primary financial monitoring.
Fulfillment of obligations of the subject of primary financial monitoring is provided by our company in case it will be involved in a financial transaction for its client in relation to:
- purchase and sale of real estate;
- client asset management;
- management of a bank account or a securities account;
- raising funds for the formation of legal entities, provision of their activities and their management;
- formation of legal entities, provision of their activities (including audit) or their management, as well as purchase and sale of legal entities (corporate rights).
As a subject of primary financial monitoring, our company is obliged to:
- carry out identification, verification of the client (client's representative), study of the client and clarification of information about the client in cases established by law;
- provide the detection of financial transactions subject to financial monitoring, before, in the process, on the day when the suspicion arose, after their conduct or during an attempt to conduct them or after the client's refusal to conduct them.
As a subject of primary financial monitoring our company is obliged to notify the State Financial Monitoring Service of Ukraine of:
- financial transactions subject to internal financial monitoring, as well as information about their suspicions regarding the activities of persons or their assets, if there are grounds to believe that they are related to a crime under the Criminal Code of Ukraine;
- financial transactions that are suspected of being related, related to, or intended to finance terrorism or the proliferation of weapons of mass destruction.
Taking into account the requirements of the legislation our company has developed, implemented and constantly update the rules of financial monitoring, program of financial monitoring and other internal documents on financial monitoring and appointed an employee responsible for its implementation.