The specialized departments of the State Customs Service have begun testing the updated automated risk management system (ASUR 2.0), developed as part of the EU4PFM program support, the authority said on its website.
As indicated by the State Customs Service, the updated system will allow transferring a significant part of data from paper format to digital, and processes will go online.
“In particular, ASUR 2.0 should allow maintaining an electronic register of profiles (replacing the hard-to-use paper one), digitizing the history of the profile (including the history of all actions that occur with this profile),” the service said.
In addition, the updated system contains tools for monitoring and analyzing the effectiveness of risks, as well as analyzing declarations to work on new risks.
ASUR 2.0 has already passed four types of preliminary tests, including stress testing and testing for vulnerabilities. It is equipped with all the required papers, internal regulatory documents have been drawn up, the customs service said.
The National Bank of Ukraine (NBU) intends to impose restrictions on certain types of bank operations in case if the bank’s risk management system is recognized as ineffective. The document comes into force on September 11, 2018. The regulator may also require the bank to suspend or terminate certain types of transactions.
The final decision will be made based on the evaluation of the viability of the bank’s business model, analysis of the provided actual and forecast balance sheet data, profit and loss statements, transactions with related parties, and regulatory capital components.
The National Bank of Ukraine (NBU) has changed the form of a report on risk management in the financial monitoring sphere, which would allow better assessing the risk management systems created by banks. According to a report on the NBU’s website, the new form of the report is outlined in NBU resolution No. 59 dated June 5, 2018, which amends the rules of organizing and holding inspections to prevent and combat money laundering, financing of terrorism, and the financing of proliferation of weapons of mass destruction approved by NBU resolution No. 197 dated June 20, 2011.
The new version of the resolution also changed the frequency of submitting the reports on risk management in the field of financial monitoring – henceforth it will be provided by a bank to the NBU annually, rather than quarterly.
In addition, the NBU introduced a new procedure in case of detection of schemes for conducting risky financial transactions during the on-site inspection, the conclusion on compliance or non-compliance of which with the requirements of the law cannot be presented in the report on the field inspection (without additional consultations). Henceforth, the report would contain details of the essence of the financial transactions revealed with a detailed statement of the relevant facts. The copies of documents certifying these facts are attached to the verification materials.
In the future, the verification of the revealed facts will be continued without interruption.