The Ministry of Finance of Ukraine has established new financial monitoring rules for auditors, accountants, realtors, and tax consultants

The relevant Regulation has been approved by Order No. 282, which comes into effect on August 1, 2024, but not earlier than the day of its official publication.

Key Requirements of the Regulation Include:

1. Measures for Proper Organization and Conduct of Initial Financial Monitoring:

Establishing an appropriate risk management system.

2. Appointment of a Responsible Employee:

Designating an employee responsible for conducting financial monitoring.

3. Financial Monitoring Rules:

Developing programs for conducting initial financial monitoring and other internal documents.

4. Training Activities:

Preparing staff to identify financial transactions subject to monitoring.

5. Client Verification:

Conducting proper client verification and using reliable sources for this verification.

6. Simplified and Enhanced Client Verification Measures:

Defining the specifics of such measures.

7. Use of Agents:

Specifics of using agents and information from third parties for verification.

8. Identification of Financial Transactions:

Ensuring the identification of transactions subject to financial monitoring.

9. Suspension and Resumption of Financial Transactions:

Procedure for suspending and resuming transactions.

10. Freezing of Assets:

Procedure for freezing assets related to terrorism and its financing, the proliferation of weapons of mass destruction, and its financing.

11. Violation Reporting:

Providing notifications of violations in the field of prevention and counteraction and the procedure for their consideration.

12. Internal Audits:

Conducting internal audits for compliance with legislation.

13. Submission of Information at the Request of the Ministry of Finance:

Procedure for submitting information and/or documents at the request of the Ministry of Finance.

These measures aim to improve transparency and the effectiveness of financial monitoring in Ukraine.