Banks & Financial Institutions

Kinstellar Counsel Andriy Nikiforov moderates a webinar on the new AML Act in Ukraine organised by the Ukrainian Bar Association

December 2020 – On 1 December 2020, Andriy Nikiforov, Counsel at Kinstellar Kyiv and Chair of the Banking, Finance and Insurance Committee of the Ukrainian Bar Association (UBA), moderated a webinar, organised by the UBA, focused on the Act of Ukraine on Preventing and Fighting Money Laundering and Financing of Terrorism and WMDs Proliferation No. 361-IX adopted on 6 December 2019 to replace the existing anti-money laundering (AML) law. Other panel speakers included Maksym Vasyuk, a division lead with Ukraine’s AML authority, the State Financial Monitoring Service of Ukraine, and Yaroslav Omelchuk, the chief compliance officer at Tascombank, a major Ukrainian commercial bank, who both are also trainers at the National Bank Specialist Education Centre administered by the National Bank of Ukraine.

The Act was developed to update the Ukraine’s AML legal and institutional framework and to bring it in line with the Directive (EU) 2015/849 of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (often referred to as the 4AMLD), the Regulation (EU) 2015/847 of 20 May 2015 on information accompanying transfers of funds and, to some extent, the Directive (EU) 2018/843 of 30 May 2018 (often referred to as the 5AMLD) amending the 4AMLD. The Act has also become the first step in Ukraine’s long-debated government effort to regulate the virtual assets markets by making the “businesses that provide services related to virtual assets” the AML-obliged entities.

The speakers discussed the changes in the AML compliance practices since the Act entered into effect on 28 April 2020 and its shortcomings that have been identified to date. The webinar covered, in particular, such topical issues as the risk-based approach to assessment of a transaction, identification and verification of publicly exposed persons and UBOs, scope of AML obligations of attorneys compared to other obliged entities, new information obligations imposed on administrators of Ukraine’s companies register and the State Financial Monitoring Service of Ukraine, as well as the rules applicable to the virtual assets businesses.

The Ukrainian Bar Association is an all-Ukrainian public organisation founded in 2002. At present, the UBA has over six thousand members, including private legal practitioners, in-house legal counsel, notaries, judges, public officials, MPs and renowned legal scholars. There are currently 24 acting UBA committees tasked with the further development of the legal profession in Ukraine, improving legislation, building relationships with public authorities and contributing to public reforms.

For more information, please contact Andriy Nikiforov, Counsel, at