Energobank conducts financial monitoring which involves exposing operations liable to mandatory control, as well as other operations with funds and other assets linked to the legalization (laundering) of proceeds derived from crime
and intended for the financing of terrorism.
At the same time the Bank considers financial monitoring on prevention of legalization (laundering) ofproceeds derived from crime as part of the internal control system set up in compliance with the legislature of Ukraine.
The regulations of Energobank’s internal financial monitoring are based upon the following regulatory acts:
- Law of Ukraine ‘On Prevention and Counteraction of Legalization (Laundering) of Criminally Obtained Assets” dated May 21, 2010.
- Law of Ukraine “On Banks and Bank Operations” dated December 7, 2000 with amendments adopted February 6, 2003 and May 22, 2003.
- Forty recommendations by the Financial Action Task Force on Money Laundering (FATF) introduced by the common resolution by the Cabinet of Ministers of Ukraine and the National Bank of Ukraine on August 28, 2001 No. 1124.
- “Regulations of Financial Monitoring by Banks” ratified by the resolution of the Board of the National Bank’s of Ukraine on May 14, 2003 No. 189.
- other regulatory acts.
The main principle in the development and implementation of the Rules and programs of the Bank’s financial monitoring is to involve the Bank’s employees (within their competence) in exposures of financial operations that may be linked to legalization (laundering) of proceeds derived from crime, or funding of terrorism.
The regulations have been developed with the consideration of the following needs:
- to provide confidentiality of information about the clients’ accounts and deposits, the clients and their operations, as well as other information rated as bank secrecy
- assessment and management of risks of the legalization (laundering) of proceeds derived from crime or financing of terrorism
- identification and registration of financial transactions, which is the subject to financial monitoring, or intended for the financing of terrorism
- to prevent any involvement of the Bank’s employees in legalization (laundering) of criminally obtained funds
While conducting banking transactions in compliance with the legislation of Ukraine and rules of the international practices, the Bank examines and identifies its clients by obtaining from the clients all necessary information and documents.