NBU Simplifies Procedures for Sharing Information between Banks
OREANDA-NEWS. The National Bank of Ukraine has simplified procedures for sharing information between banks and the central government agency implementing a state policy in the area of prevention of legalization (laundering) of the proceeds from crime, terrorism financing and financing of weapons of mass destruction (the State Financial Monitoring Service of Ukraine).
Amendments to this effect have been set out in NBU Board Resolution No.373 of 18 August 2016 On Approval of NBU Regulation On the Compilation of Files Intended for Information Sharing purposes.
In particular, the resolution has approved new guidelines governing the compilation of files intended for information sharing purposes. These guidelines, inter-alia, have:
Simplified the procedure for the creation of a fifteen-digit code used to identify the type of financial transaction by allowing banks to assign codes to the types of financial transactions automatically when compiling a message-file;
Set out requirements for a uniform format for account statements and payment card account statements.
These amendments will facilitate the release of banks’ human resources currently employed to perform manual handling tasks of assigning codes to transactions. This will enable banks to channel more efforts into making the application of risk-based approaches more efficient when carrying out internal financial monitoring.