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Those subject to primary financial monitoring will be prohibited from transferring funds in the absence of the relevant information.
Ukraine's Finance Ministry has proposed identifying clients and establishing objectives of financial transactions, including international ones, exceeding UAH 30,000, or ($1,113), without opening an account.
For money transfers equaling or exceeding UAH 30,000, information shall be provided on both parties to transaction (including residence, passport data, and ID tax code), the Ukrainian news outlet Ukrayinska Pravda reported, referring to an unofficial text of the relevant bill.
Money remittances below UAH 30,000 shall be accompanied by minimum amount of information about an the parties (last and first names and patronymic, or name of a legal entity; account number or a unique financial transaction number that allows tracking the transaction).
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Subjects of primary financial monitoring will be prohibited from transferring funds if they fail to provide data mentioned.
The said requirements shall not apply to withdrawals from own accounts; transfer of funds for paying taxes, fines, and utility bills; use if electronic money to pay for goods or services; transfers below UAH 30,000 to pay for goods or services (provided that the payment system can track the transfer of funds and determine a person who has concluded a contract with a recipient on supply of goods or services); as well as transactions to ensure the transfer of funds, carried out by payment infrastructure services operators.
It is planned to increase the threshold of transactions, which are subject to financial monitoring, from UAH 150,000 ($5,564) to UAH 300,000 ($11,128).
Moreover, accountants and tax advisers will be added to the list of those involved in primary financial monitoring to report suspicious financial transactions to the State Financial Monitoring Service.