News date: 5 April 2024
On 28 March 2024, Oleksandr Rudenko, Counsel at Ilyashev & Partners Law Firm, delivered the webinar “Currency control regulations and financial monitoring in 2024: key trends for business” on the educational platform SME ONLINE Hub, established by the Unlimit Ukraine project of the European Business Association (EBA) and Raiffeisen Bank.
In his presentation, Oleksandr Rudenko highlighted the currency control restrictions in Ukraine during the martial law period, the latest changes, and key trends companies should keep an eye on. Aside from discussing lifting of requirements for the return of loan proceeds in foreign currency to non-residents, Oleksandr discussed the possibility of paying dividends to non-residents.
According to Oleksandr, the banks have recently implemented new requirements regarding the application of indicators of suspicious activity, including the financial monitoring procedure of the client’s financial ability to conduct the declared amount of financial transactions every month.
“The banks pay attention to significant changes in the amount of financial transactions conducted on the client’s account, as well as exceeding the maximum amount of financial transactions declared by the client. In such a case, the bank is obliged within 10 working days to analyze the financial capabilities of the client to conduct relevant financial transactions and, if necessary, to review the reasons for exceeding the previously declared amount per month”, – noted Oleksandr Rudenko.
Oleksandr Rudenko described specific features of the implementation of sanctions by banks, as well as requirements and rules for determining UBOs of clients.
The webinar was attended by more than 120 entrepreneurs – participants of the SME ONLINE Hub project.
SME Hub is an intensive educational program allowing small and medium-sized business owners to acquire the necessary knowledge and practical skills to successfully do their business in Ukraine and abroad from the professional business practitioners of large corporations.