The Ministry of Justice registered the updated rules for the procedure of financial monitoring of professional participants

The Ministry of Justice of Ukraine has registered amendments to the Regulation on Financial Monitoring by Primary Financial Monitoring Entities, which are regulated and supervised by the NSSMC (Regulation).

The updated Regulation improves the procedure for conducting primary financial monitoring for all its participants. Most procedures involve remote verification of customers electronically using modern databases, electronic documents and media.

In particular, the document regulates the remote establishment of business relations:

• using the BankID System of the National Bank of Ukraine;
• by the verification procedure performed by SPFM in the mode of video broadcasting in compliance with the established requirements.

The new norms were previously discussed with market participants at the stage of drafting the Regulation. The text also includes norms similar to the Regulation on Financial Monitoring for Banks.

Currently, the document is undergoing a systematization procedure at the Ministry of Justice of Ukraine, its publication is expected soon.

The text of the Regulations is available on the official website of the Commission at the link: https://www.nssmc.gov.ua/document/?id=11596229