Recommendations to banks and non-Bank financial institution engaged in the transfer of funds in national currency without opening of accounts
The regulator in a letter dated 13 August 2018 No. 25-0008/43785 gave banks and financial institutions a number of important recommendations aimed at combating the legalization of criminal income / financing of terrorism.
Checking financial institutions dealing with the translation obtained through the cash terminal, the NBU has identified the schemathat contains the risk of legalization of criminal income / financing of terrorism.
Between banks and business entities were concluded contracts for the organization of reception of payments in favor of the latter for computer games, lotteries, online gaming / online services / access to information services / web sites. Non-Bank fiduciary cash collected via payment terminals and handed them to banks for further transfer to the business entities. Further funds were transferred to the entities:
on cards of natural persons issued by different banks [in the future, the funds received were withdrawn in cash, transferred to accounts used for payment of goods and services (including online games, Internet casino, bookmakers)];
— on the current accounts of the limited number of legal entities. Further, these legal entities have transferred funds in accordance with Agency contracts, in particular for service tickets, that is, with the change of directions of use of funds;
as payments “for the rights of requirements” (essentially the purchase of “title units” “Webmoney”).
Note that by payment organizations of the domestic payments system “WebMoney.UA”the decision of the Council of national security and defense of 2 may 2018 applied personal sanctions.
That is, the entities delaminate collected payments through the creation of chains of interconnected finoperatsy that changed the direction and/or the use of these funds.
Therefore, banks are prescribed:
— to identify and verify business entities as customers at the stage of establishing business relations with them;
— carefully examine client and content services
— to analyze the content of its activities and financial condition, etc.
You must also find out whether they are connected persons, in particular, due to the presence of General contractors, on account of which further lists the collected payments.
In addition, banks should:
— to pay attention to the information contained in the records of payments that constitute non-Bank financial institutions according to the contracts and which include information about each payment, including the date and time, amount, name of goods/works/services;
— compared with the information provided by the recipient with further transfer of funds.
Non-Bank financial institutions when accepting payments in favor (in the interests) of other persons before the signing of the contract on the basis of which will be payments, you should:
— define the purpose, the nature of future relations in accordance with the concluded contract;
— find out information about the content/essence of the financial transactions (payments) that will be carried out through the financial institution according to concluded agreements;
— find out the reason of conducting the relevant business activities;
— establish a person in favor (in the interests) which will be receiving payments as well as the seller of goods, provider of services, which will be receiving payments.
The national Bank recommends that non-Bank financial institutions on an ongoing basis taking into account the risk-based approach to carefully analyze the financial operations of the customers to identify financial transactions that do not meet the financial condition of the client (assessment of the financial condition) and/or the content of its activities, the contents/essence/kind of service business operations, financial and logistical capabilities of the person in whose favor the reception of payments, economic feasibility which is missing.
Thus special attention should be paid to change the economic fact initiated/conducted financial transactions, in particular, if the result of certain actions change the direction and/or the use of cash flows to identify potential/real risks of using their services for legalization of criminal income / financing of terrorism.
We remind you to check the current status of the counterparty, to avoid such risks, you can use the system ContrAgent. Demo version of the system available here.