NBU Introduces Quarterly Financial Monitoring Reports of Banks
The National Bank has obligated the banks to quarterly submit reports on risk management and assessment in the area of financial monitoring, as it is said in the resolution №920 dd. December 23, 2015, Ministry of Finance reports.
NBU has also extended the maximum time for routine field audit from 20 days to 30 days.
“The resolution has been drafted in the framework of collaboration with the International Monetary Fund on NBU implementation of risk-oriented tools of onsite and offsite banking supervision in the area of financial monitoring”, - as it is said in the message.
The National Bank emphasizes that based on these reports it will assess risks arising from the use of services rendered by banks to legalize (launder) the proceeds from crime, finance terrorism, and finance the proliferation of weapons of mass destruction.
