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 : : Legal Framework
2009-01-01 00:00:00  Print Version



July 31, 2006 N 145

Model List of Criteria for Referring Financial Transactions to Transaction that could be subject to internal financial monitoring

The Model list of criteria for referring financial transaction to transaction that could be subject to internal financial monitoring is not absolute.
Entities of internal financial monitoring could also elaborate other assessment criteria for possible referring transaction to those that could be related to legalization (laundering) of the proceeds from crime and terrorist financing according to specificity and types of activity of entity of initial financial monitoring.
Granting a credit under security of non resident guarantee in case of absence of obvious link between the place of client’s activity and its contractor and location of guarantor especially if the guarantee is provided by non resident’s branch
Repaying of past-due loan if the conditions of person’s activity and information on this person gained by entity of initial financial monitoring do not provide the possibility to determine the real origin of funds for repaying loan
Pre-term repaying of loan by funds which was not stated by person or sources unknown to the entity of initial financial monitoring 
Systematic full withdrawal by client of huge cash amounts in the day of its entering of his account
Conducting financial transactions on depositing to business entities statutory funds of securities at the rate exceeding 50% of statutory fund of enterprise that is registered
Purchase by residents under commission of Ukrainian business entities share holding (often illiquid) from companies non resident under the price essentially exceeding market price 
Person regularly conducting financial transactions with promissory notes if such a person acts as an issuer or recipient of funds under these promissory notes and doesn’t have license of professional participant of securities market
Accruing property rights under donation or exchange agreement or on securities holding the total nominal value of which is equal or exceed UAH 80,000 or the equivalent in foreign currency 
Purchase and sale of  securities holding the value of which equals or exceeds UAH 80,000 without participation of securities trader. 
Regular transactions on purchase with further sale of securities with lack of quotation and free circulation on organized securities market in case if the profit from securities realization is directed on purchasing of high liquid securities of free circulation on organized securities market
Once client’s order for purchase and sale of securities and other financial instruments for the value which obviously differs from existing market value under similar agreements 
Receiving of funds from account which was opened in financial institution of the country recognized by the Cabinet of Ministers of Ukraine as offshore zone 
One participant of financial transaction is a legal person registered in the country recognized by the Cabinet of Ministers of Ukraine as offshore zone 
Regular transfer of funds abroad by natural person which fails to conduct any business activity
Payment from resident to non resident of forfeit (fine) for breach of agreement for goods delivery (work and service providing) or breach of agreement provisions if the value of forfeit exceeds 10% from value of undelivered goods (work and serviced failed to provide)
Impossible to define the subject of foreign economic transactions. Absence of exact list of goods, works, services description, subject to foreign economic agreement/contract
Person purchases foreign currency to credit repayment which was validated at the same or previous day under foreign economic contract by other person or under contract of guarantee 
Regular repayment to payers of funds remitted abroad 
Regular breaking of insurance agreements (repayment of insurance payment) 
Regular repayment of insurance payments to the client’s account under insurance agreements on transfer by mistake or surplus  
Concluding of insurance/reinsurance agreements under obviously unprofitable conditions 
Irregular or considerably complicated schemes for conducting payments which diverse from ordinary practice used by client or from ordinary market practice 
Regular purchase and sale of goods for the amount which equals or exceeds UAH 80,000 or equivalent in foreign currency in case of cash payments
Purchase in gambling institution of gambling chips on the amount which equals or exceeds UAH 10,000 or equivalent in foreign currency 
Regular and cycle conduction of financial transactions on purchase and sale of assets without actual delivery of assets between transaction participants 
Conducting financial transactions on purchase and sale of goods (payment of services), while the value is hard or impossible to define (for example, subjects of intellectual property; some types of services which do not have permanent market value) 
Obvious inconsistency between the value of goods or services stated in contract and their market value 
Obvious inconsistency between assignment of incoming and out coming payments (for example, funds received for payment for building materials are fully used for payment for consulting services) 
Client is a legal person, non financial institution, but provides financial services of money remittance, check payments by cash, loans, guarantees etc 
Conduction of financial transaction if its participant is a person registered (residence, temporary residence, permanent residence) in country of military operations 
Client is a person who are (have been) entrusted with prominent public functions (managerial officials of central and local state executive power authorities, local self-government, political parties branches) or is family member of such person 
Conduction of financial transaction if its participant is a person registered (residence, temporary residence, permanent residence) in country the legislation of which do not foresee the disclosure of information related to financial transactions to competent authorities 

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