The Ministry of Finance of Ukraine is strengthening informational support for businesses regarding compliance with financial monitoring (AML) requirements. Particular attention is given to real estate agents, accountants, and tax consultants as key market participants who must clearly understand their obligations and properly use digital tools for interaction with the State Financial Monitoring Service.
In this context, on April 13, an online meeting was organized jointly with the State Financial Monitoring Service, dedicated to the updated procedure for information exchange via the E-cabinet of the financial monitoring system. The event attracted significant interest and brought together more than 800 representatives of professional communities.
Why this matters
The focus on real estate agents, accountants, and tax consultants is driven by the specifics of their activities. These professionals are directly involved in supporting client transactions and are able to identify potential risks at early stages.
As part of their work, they assess the logic and structure of transactions, analyze the origin of funds, verify document consistency, and pay attention to unusual or suspicious client behavior patterns. Therefore, their participation in the financial monitoring system is critical, as it enables timely identification of risky transactions and helps prevent money laundering and other financial violations.
Key AML requirements
The Ministry of Finance emphasizes that for these categories of entities, financial monitoring does not imply excessive control but is based on established rules:
- registration with the State Financial Monitoring Service;
- application of the “Know Your Customer” (KYC) principle using a risk-based approach;
- reporting only suspicious transactions in cases defined by law.
Government approach: guidance first, control later
The Ministry applies a consistent approach to implementing requirements:
1) defining rules for primary financial monitoring entities;
2) allowing time for adaptation;
3) launching electronic interaction services;
4) providing updates on procedural changes.
This approach ensures that businesses can safely and properly integrate into the financial monitoring system.
Opportunity to regularize without penalties
Currently, entities that have not yet completed the registration process can do so through the E-cabinet in a routine manner. At this stage, the regulator prioritizes proper onboarding into the system and alignment of internal procedures with legal requirements rather than imposing sanctions.
The role of audit and compliance
As financial monitoring requirements tighten, the role of independent audit and compliance reviews is increasing. For real estate agents, accountants, and tax consultants, this means the need to:
- assess internal policies for compliance with AML/CFT requirements;
- implement effective KYC and client identification procedures;
- document risk assessment approaches;
- prepare for potential regulatory inspections.
Engaging external experts helps identify gaps in processes in a timely manner and minimize the risks of penalties and reputational losses.
Conclusion for business
The key message for the market is that the state is establishing clear rules and providing tools for compliance. This creates conditions for transparent operations and helps businesses avoid violations and financial risks.
How Kreston Ukraine can help
Contact Kreston Ukraine for professional support in audit, valuation, and consulting services that help businesses operate transparently and in line with regulatory requirements.
