Volume 31, Issue 4 (IJIEPR 2020)                   IJIEPR 2020, 31(4): 559-570 | Back to browse issues page

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Vovk V, Zhezherun Y, Bilovodska O, Babenko V, Biriukova A. Financial Monitoring in the Bank as a Market Instrument in the Conditions of Innovative Development and Digitalization of Economy: Management and Legal Aspects of the Risk-Based Approach. IJIEPR 2020; 31 (4) :559-570
URL: http://ijiepr.iust.ac.ir/article-1-1141-en.html
Financial Monitoring in the Bank as a Market Instrument in the Conditions of Innovative Development and Digitalization of Economy: Management and Legal Aspects of the Risk-Based Approach
Viktoriia Vovk 1, Yuliia Zhezherun2 , Olena Bilovodska3 , Vitalina Babenko4 , Alevtyna Biriukova5
1- Department of International Management, Kyiv National University of Trade and Economics, 19, Kyoto str. Kyiv, Ukraine , victoriavovk@ukr.net
2- Department of Finance and Banking, Cherkassy Educational-Scientific Institute of Banking University, 164 V. Chornovil St, Cherkassy, Ukraine
3- Department of Economic Cybernetics and Marketing, Kyiv National University of Technologies and Design, Nemyrovycha-Danchenka Street, 2, Kyiv, Ukraine
4- International E-commerce and Hotel&Restaurant Business Department, V. N. Karazin Kharkiv National University, Kharkiv, Ukraine
5- Department of Civil Law №2, Yaroslav Mudryi National Law University, st. Pushkinskaya, 77, Kharkiv, Ukraine
Abstract:   (4065 Views)
The article examines foreign and domestic experience in organizing financial monitoring systems, systematizes the requirements for its implementation in Ukraine. The basic legal norms, enshrined in the joint directives of the European Parliament and of the Council of the EU, and underlying the national financial monitoring systems of the EU countries and Ukraine have been also analyzed. Taking into account the fact that the risk-based approach is the main basis for the effective implementation of all FATF recommendations, the nature of the risk of money laundering / financing of terrorism and the criteria for their assessment have been investigated. A scheme of improving the process of financial monitoring in a bank has been developed, as well as a number of measures have been proposed to raise the level of adhering to the legislation in the field of anti-money laundering and counter-terrorist financing by the banking sector.
Keywords: anti-money laundering, counter-terrorist financing, customer risk, financial monitoring, risk-based approach.
Full-Text [PDF 1169 kb]   (1518 Downloads)    
Type of Study: Research | Subject: Productivity Improvement
Received: 2020/10/17 | Accepted: 2020/11/20 | Published: 2020/11/20
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