What changes come into force in the field of financial monitoring on April 28, 2020

The Law of Ukraine “On Prevention and Counteraction of the Legalization (Laundering) of Criminally Obtained Incomes, the Financing of Terrorism and the Financing of the Proliferation of Weapons of Mass Destruction” enters into force on April 28, 2020.

What’s important:

1. The list of subjects of primary financial monitoring, which must submit information, including law enforcement agencies, about clients is determined. These are banks, payment systems, insurance companies, pawnshops, auditors, lawyers, notaries, realtors, stock market participants
2. Legal entities must submit information about the ultimate beneficiary, incl. disclose information about the beneficiary – the owner of a non-resident company.
3. Certain financial control thresholds, conditions of participation, financial turnovers in economic activity, indicate that, by violating their businessmen, they are subject to the legislation on TPs (transfer pricing) and CFCs (controlled by foreign companies), which entails significant penalties.