National Bank of Ukraine expands list of suspicious forex transaction indicators

MOSCOW. Dec 27 (Interfax) - The presence of changes or additional terms in international business contracts that allow a non-resident counterparty to increase its delivery time is a new indicator of a suspicious financial transaction that may prompt banks to refuse to handle such foreign currency operations.

The National Bank of Ukraine (NBU) adopted a resolution on December 14, 2023, amending its January 2, 2019 resolution on forex control over export-import operations, Ukrainian media said.

Thus, the NBU added another two indicators of a suspicious financial transaction, such as exceeding deadlines for export-import operation settlements amounting to 8 million hryvni and over (20 threshold amounts for financial monitoring) and repeated transfers from a non-resident counterparty to a bank's clients of advance payments of over 50% of the sum under commodity import operations for a one-year period.

Factors such as missing deadlines for export-import operation settlements, creating complicated or artificial conditions for payments and the presence of statutory restrictions on the import of goods to Ukraine remain in force as well.