The National Bank of Ukraine (NBU) will not require from the banks the deep analysis of financial operations of subsidiary and affiliated resident companies of international corporations from Forbes Global 2000 lists.

According to NBU’s official website, the respective changes are stipulated by NBU’s Resolution №16 dd. 22 February 2018 On Introduction of Amendments to Regulations on Procedure for Conducting Analysis and Audit of Documents (Information) about Financial Operations and Its Parties by Banks. These amendments come into force from 24 February 2018, Finance.ua reports quoting Interfax-Ukraine.  

The message points out that these corporations conduct activities in accordance with generally accepted standards and under the principles of the maximum transparency that allows considering such transaction low-risk. That is why their subsidiary and affiliated companies entered the list of exceptions, to which the Regulations on Procedure for Conducting Analysis and Audit of Documents (Information) about Financial Operations and Its Parties by Banks, approved by NBU’s Resolution №369 dd. 15 August 2016 do not apply. Previously, such exceptions were related only to the operations, involving the non-resident companies from the list of Forbes Global 2000.

In addition, NBU permitted banks, when assessing the riskiness of operations, to independently account for geographical risks and form the own lists of risky states (territories), using all available sources of information - from the lists, drawn up by the official bodies, to the information, obtained from any other sources.  

Upon the market proposal, NBU also unified the format of numbering of indicators in Regulation №369 and in the statistical reporting. The reduction to a single format will contribute to the process of automation of formation of the statistical reporting in banks and will allow minimizing the mistakes in reports, according to the message.