Author/Authors :
Vovk, Viktoriia Department of International Management - Kyiv National University of Trade and Economics, Kyiv, Ukraine , Zhezherun, Yuliia Department of Finance and Banking - Scientific Institute of Banking University, Cherkassy, Ukraine , Bilovodska, Olena Department of Economic Cybernetics and Marketing - Kyiv National University of Technologies and Design, Nemyrovycha , Kyiv, Ukraine , Babenko, Vitalina International E-commerce and Hotel&Restaurant Business Department - V. N. Karazin Kharkiv National University, Kharkiv, Ukraine , Biriukova, Alevtyna Department of Civil Law - Mudryi National Law University, Kharkiv, Ukraine
Abstract :
The article examines foreign and domestic experience in organizing financial monitoring systems,
systematizes the requirements for its implementation in Ukraine. The basic legal norms, enshrined in
the joint directives of the European Parliament and of the Council of the EU, and underlying the
national financial monitoring systems of the EU countries and Ukraine have been also analyzed.
Taking into account the fact that the risk-based approach is the main basis for the effective
implementation of all FATF recommendations, the nature of the risk of money laundering / financing
of terrorism and the criteria for their assessment have been investigated. A scheme of improving the
process of financial monitoring in a bank has been developed, as well as a number of measures have
been proposed to raise the level of adhering to the legislation in the field of anti-money laundering and
counter-terrorist financing by the banking sector.
Keywords :
Anti-money laundering , Counter-terrorist financing , Customer risk , Financial monitoring , Risk-based approach
