The Verkhovna Rada adopted and the President signed the Law of December 6, 2019 No. 361-IX “On Prevention and Counteraction to Legalization (Laundering) of Proceeds from Crime, Financing of Terrorism and Financing of the Proliferation of Weapons of Mass Destruction.”
The law came into force 4 months after its publication, namely on April 28, 2020 in connection with its publication in the newspaper “Voice of Ukraine” dated 28.12.2019 N 251.
Given the epidemic situation in Ukraine and the world, this law was in the shadows and yet it works!
Outsourcing companies and accountants providing accounting and auditing services got the most.
According to the adopted law, it is necessary to appoint a responsible employee and register him as a subject of primary financial monitoring (SPFM). It is the responsibility of SPFM to notify the SCFM of all suspicious transactions of clients, even attempts of such transactions that were not made! At the request of law enforcement agencies to provide full access to customer information documents “without a court decision.”
With regard to the concept of suspicious transactions, SPFM in its suspicions is based on the recommendations of the SCFM. The official website /www.fiu.gov.ua contains typical schemes of suspicion of financial transactions, we will give a few from the list:
- The owner, director and accountant are one suspicious person to report;
- Business registration for fictitious persons – suspicious;
- Operation for a large sum – suspicious;
- Operation for a small amount – suspicious;
- Contracts not within the main activity – suspicious;
- Contracts that do not have penalties and fines – suspicious;
- Contracts where fines are too large more than 10% -suspicious.
The small amount of authorized capital, you often change the founders or directors, do not conduct activities under the charter, do not have premises, employees, or God forbid you have the address of mass registration, suspicious!
There’s a lot more interesting, I want to single out the amount of fines!
For non-disclosure, failure to submit or submission of inaccurate information to the SCFM, a fine of -340 thousand UAH for each violation!
For improper organization of financial monitoring – up to 10% of annual turnover (not more than 135 million 150 thousand UAH.) In case of several violations, the amount of fines is summed, but a modest limit is not more than 27 million 30 thousand UAH. this is so as not to accidentally ruin many companies.
But that’s not all, according to the Law №361 SCFM chooses the amount of the fine at its own discretion!
You can get acquainted in detail on the website www.fiu.gov.ua.
Based on the above, we understand how serious the adopted laws are and what their underestimation can lead to, our company Debit and Credit is already preparing its SPFM specialist for the register in the SCFM.
We care about our authority and the safety of our partners!
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