Duties and responsibilities of primary financial monitoring entities

The State Financial Monitoring Service of Ukraine informs that in accordance with paragraph 8 of Section I of the Law of Ukraine dated 04.12.2024 No. 4116-IX amended the Law of Ukraine "On Protection of the Interests of Subjects of Submission of Reports and Other Documents during Martial Law or a State of War" (which entered into force on January 5, 2025), in particular, paragraph 1 was supplemented by subparagraph 11, which establishes that the requirements of this Law do not apply to legal relations regulated by the legislation of Ukraine in the field of prevention and counteraction to legalization (laundering) of proceeds of crime, terrorist financing and financing of the proliferation of weapons of mass destruction.

In this regard, the subjects of primary financial monitoring are obliged to submit information to the State Financial Monitoring Service of Ukraine in accordance with the requirements of the Law of Ukraine "On Prevention and Counteraction to Legalization (Laundering) of Proceeds of Crime, Terrorist Financing and Financing of Proliferation of Weapons of Mass Destruction" (hereinafter - the Law) in accordance with the procedure established by this Law.

At the same time, we draw attention to the fact that in accordance with paragraph 4-1 of Section X "Final and Transitional Provisions" of the Law, in the absence of the primary financial monitoring entities located in the territories of active hostilities or temporarily occupied territories of Ukraine which are included in the List of territories where military operations are (were) conducted or temporarily occupied by the Russian Federation, determined in accordance with the procedure established by the CMU, the possibility of fulfilling the obligations provided for in subparagraphs b)-d) of paragraph 8, paragraphs 9, 11, 12, 14, 23 of part. 2 of Article 8 and part 5 of Article 9 of this Law, such subjects of primary financial monitoring are exempt from liability for violation of the requirements of the legislation in the field of prevention and counteraction for the period until the end of hostilities or temporary occupation, provided that such duties are fulfilled within one month (except for clause 23 of part 2 of Article 8 of this Law) after the date of completion of hostilities or temporary occupation.

The subject of initial financial monitoring is obliged to take the measures provided for in clause 23, part 2, Article 8 of this Law within six months after the date of completion of hostilities or temporary occupation.