The Ministry of Finance suggested introducing the client’s identification and setting goals for conducting the financial transaction while making transfers (including international), without opening the account for the amount, exceeding UAH 30 thousand, according to the unofficial wording of the draft law for Liga. Law.

The money transfers for the amount, equal or exceeding UAH 30 ths, should be accompanied by the full information about the payer and the recipient of money transfer (including the place of residence, passport series and number, identification code).

The transfers, amounting to less than UAH 30 ths, should be accompanied with the minimum information about the initiator and recipient of the transfer (name and surname or title of the legal entity, account number or unique account number of the financial transaction, which allows tracking the transaction).

The subjects of the primary financial monitoring will be prohibited from transferring funds in case of absence of the above-said information.

These requirements do not extend over the transactions of withdrawing funds from the personal account, money transfer for paying taxes, fines, utility bills, while using e-money for paying for the goods and services, transferring less than UAH 30 ths for payment of the goods or services (provided that the payment system may track transfer of funds and detect the person, who concluded the contract with the recipient on the delivery of goods or provision of services), as well as the transactions on ensuring the transfer of funds, made by the payment infrastructure service operators.

The threshold of transactions, falling under the financial monitoring, is expected to be raised from UAH 150 ths to UAH 300 ths.

The list of the subjects of primary financial monitoring, which will also notify the State Financial Monitoring about suspicious financial transactions, will also include the accountants and tax consultants.

It is planned to gradually transition to the risk-oriented approach while providing information about the fraudulent financial transactions, improve the procedure for determining the beneficial owners of companies and implement enforcement actions for violating the anti-legalization legislation, starting from the written warning and fine sanctions and ending with license revocation.