Implementation of state financial monitoring based on risk-oriented indicators in the activities of financial institutions


Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License

The article examines the systems of risks of various types of financial institutions and focuses on the absence of the risk of legalization among them. This risk is considered separately within the framework of a special system of relations in the field of combating money laundering, financing of terrorism and financing the proliferation of weapons of mass destruction. The evolution of criteria for assessing the risk of a financial institution to be involved in legalization is analyzed, risk-oriented indicators of the activities of financial institutions used to assess their risk profile are generalized. It is established that one of the regulators in the financial services market, the National Securities and Stock Market Commission, uses outdated, formal, and ineffective criteria for assessing the risks of a financial institution to be involved in money laundering. However, the other regulator, the NBU, has already carried out the process of adapting state financial monitoring to the requirements of FATF and AMLD4 and developed risk-oriented indicators of financial institutions’ activities, used to assess their risk profile. Strengthening the control by the subjects of state financial monitoring over the risk profile of a financial institution and its overall financial monitoring system will help to increase the efficiency of state financial monitoring. It is proposed to unify risk-oriented features and introduce identical financial monitoring mechanisms for all participants in the financial services markets, considering the specifics of their activities, as well as including the risk of legalization in the risk system of a financial institution in order to improve the efficiency of the financial monitoring system.

view full abstract hide full abstract
    • Table 1. Ризики фінансових установ
    • Table 2. Узагальнені дані щодо кількості порушень вимог законодавства у сфері ПВК/ФТ, виявлених державними регуляторами та сум призначених штрафів
    • Table 3. Порівняння ризик-орієнтованих ознак для оцінки ризик-профілю банків і небанківських фінансових установ
    • Conceptualization
      Zhanna Andriichenko
    • Formal Analysis
      Zhanna Andriichenko
    • Investigation
      Zhanna Andriichenko
    • Writing – original draft
      Zhanna Andriichenko