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Registration Number

0224U002946, 0123U101613 , R & D reports

Title

Implementation of a risk-oriented approach based on the application of AML in the activities of state banks regarding the use of virtual assets and digital currencies of central banks during periods of martial law and recovery of the economy of Ukraine

Head

Liubich Oleksandr О., д.е.н.

Registration Date

18-03-2024

Organization

State Educational Institution "Academy of Financial Management"

Description

 The legalization of the virtual assets market and the creation of conditions for its transparent development will contribute to an increase in revenues to the budget in the form of taxes from service providers related to the turnover of virtual assets, payment for licensing their professional activities, and appropriate sanctions for unlicensed activity in the virtual assets market. Another source of income is the imposition of sanctions for non-compliance by subjects of primary financial monitoring with the requirements of the Law of Ukraine dated 06.12.2019, No. 361-IX "On prevention and countermeasures against legalization (laundering) of proceeds obtained through crime, financing of terrorism and financing of the proliferation of weapons of mass destruction ". For this, it is necessary to bring national legislation to the requirements of European standards and therefore to legalize the market of virtual assets, to implement FATF international standards, namely 1 and 15 FATF Recommendations on the implementation of a risk-oriented approach to operations with virtual assets in the activities of state banks and other financial institutions. The study provides proposals regarding the infrastructure for the development and implementation of the e-hryvnia and the harmonization of the project with the development strategy of the digital euro, the importance of using and combining analytical programs for tracking operations with virtual assets, identifying and reporting with suspicious operations, and the need to train responsible employees on issues of financial monitoring of banking sector, payment systems, service providers related to virtual assets. Also, suggestions and recommendations were provided regarding the fulfilment of the requirements for Ukraine to acquire the status of a member of the European Union.

Product Description

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Havrylenko Svitlana V.
Hudima Tetiana S.
Hulei Anatolii I.
Dmytrenko Tetiana L.
Liubich Oleksandr O.
Parkhomenko Yuliia V.