In 2016, Ukraine’s Banks Significantly Improve the Efficiency of Verification Procedures to Prevent Sham FX Transactions
OREANDA-NEWS. The  figures released by the National Bank of Ukraine point to a decrease in the number of “sham” transactions involving purchase and/or transfer of foreign currency recorded in the Register. Thus, in July 2016, the NBU rejected only 305 FX purchase transactions (0.47% of the total number of registered transactions), compared   with 1.5 thousand rejections in January 2016 and 6.7 thousand rejections in December 2015.             

“The number of “sham” transactions has dropped due to a comprehensive analysis and a thorough verification of information about customers’ financial operations conducted by authorized banks. Earlier, the regulator had to detect and suspend suspicious transactions instead of banks. Following the imposition of new verification requirements for customers’ transactions, banks themselves began to detect and suspend suspicious transactions, thus  leading  to a decrease in the number of rejections by the regulator,”  said Director of the NBU Financial Monitoring Department Mr Ihor Bereza.