scholarly journals DEVELOPMENT OF DATABASES STRUCTURE OF INTERNAL ECONOMIC AGENTS FINANCIAL MONITORING

2021 ◽  
Vol 3 (38) ◽  
pp. 204-213
Author(s):  
O. Kuzmenko ◽  
T. Dotsenko ◽  
V. Koibichuk
Keyword(s):  
High Risk ◽  
Economic Agent ◽  
Economic Agents ◽  
Financial Transaction ◽  
Reference Information ◽  
Credit History ◽  
External Sources ◽  
Financial Monitoring ◽  
Financial Transactions ◽  
Legal Entities

Abstract. The article presents the results of developing the structure of databases of internal financial monitoring of economic agents in the form of a data scheme taking into account the entities, their attributes, key fields, and relationships, as well as the structure of units of regulatory information required for basic monitoring procedures based on internal and external sources. The block diagram of the financial monitoring databases, formed in the modern BPMN 2.0 notation using the Bizagi Studio software product on the basis of internal normative and reference documents, consists of tables containing information on: the client's financial monitoring questionnaire; list of risky clients according to the system of economic agent; the list of clients for which there are court rulings and financial transactions which may contain signs of risk; list of PEP clients of the economic agent; list of clients for which there is a share of state ownership (PSP); list of prohibited industries; reference books (type of financial transactions; features of financial transactions of mandatory financial monitoring; features of financial transactions of internal financial monitoring; identity document; type of subject of primary financial monitoring; type of notification; legal status of transaction participant; type of person who related to the financial transaction; the presence of permission to provide information; signs of financial transaction; regions of Ukraine); directory of risk criteria; clients with FATCA status. The scheme of the structure of databases of internal financial monitoring of economic agents using normative and reference information on the basis of external sources is presented by tables containing information on: legal entities, natural persons-entrepreneurs, public formations, public associations, notaries, lawyers of Ukraine; the list of persons related to terrorism and international sanctions, formed by the State Financial Monitoring Service of Ukraine; list of public figures and members of their families; sanctions lists (National Security and Defense Council of Ukraine; Ministry of Economic Development and Trade of Ukraine; OFAC SDN List — US sanctions list; worldwide sanctions lists; EU sanctions lists); lists of high-risk countries (aggressor state, countries with strategic shortcomings, countries with hostilities, list of the European Commission for countries with weak APC / FT regime, countries with high levels of corruption, self-proclaimed countries, countries with high risk of FT, offshore countries); The First All-Ukrainian Bureau of Credit Histories, which describes the credit history, credit risks of individuals and legal entities in Ukraine (PVBKI); International Bureau of Credit Histories, which describes the credit history of individuals and legal entities of clients of Ukrainian economic agents (MBKI); list of dual-use goods; list of persons with OSH; AntiFraud HUB — information about fraudsters; register of bankruptcies; register of debtors; register of court decisions; database of invalid documents; list of persons hiding from the authorities; register of EP payers; registers of encumbrances on movable and immovable property; data on securities; lustration register; register of arbitration trustees; corruption register; bases of Ukrainian organizations; information on foreign companies. Integrated use of the developed databases based on the proposed schemes will improve the procedures for financial monitoring by economic agents and solve several current problems. Keywords: economic agents, financial monitoring, structural scheme of the database, normative and reference information of internal securement, normative and reference information of external securement. JEL Classification E44, D53, G21, G28, G32 Formulas: 0; fig.: 2; tabl.: 0; bibl.: 12.

scholarly journals CONTENT ANALYSIS OF REGULATORY INFORMATION FOR THE DATABASES DESIGNING AND ECONOMIC AGENTS' INTERNAL FINANCIAL MONITORING

2021 ◽  
Vol 2021 (1) ◽  
Author(s):  
S. Lyeonov ◽  
O. Kuzmenko ◽  
V. Koibichuk ◽  
T. Dotsenko ◽  
I. Didenko
Keyword(s):  
Economic Development ◽  
Economic Agent ◽  
Negative Consequences ◽  
Economic Resource ◽  
Economic Agents ◽  
Financial Transaction ◽  
Identity Document ◽  
Regulatory Information ◽  
Financial Monitoring ◽  
Financial Transactions

The engine of economic development is the development of digital data. Data is a new economic resource of the 21st century. The era of big data requires a high-quality organization, presentation for logical understanding and interpretation of queries according to certain criteria of filtering, constant updating and relevance of data, monitoring of use, protection against unauthorized interference. Data protection of economic agents is especially acute. The development of the digital economy also has negative consequences in promoting various sophisticated fraudulent machinations, money laundering schemes, data theft of certain individuals, citizens, and government data, which can lead to global political and economic conflicts and disputes. Therefore, a quality organization, comprehensive design of a database that provides composed monitoring of financial transactions by economic agents at the internal level are essential and relevant. The article develops a scheme of databases of economic agents, which are based on internal and external regulatory information for financial monitoring. Tables of databases on the basis of normative and reference information using enter sources cover the questionnaire of financial monitoring of the client, risk clients in the system of the economic agent, clients on which there are Court rulings which financial operations can contain signs of risky, PEP-clients of the economic agent, clients, on which there is a share of state property, prohibited industries, directories (code of the type of financial transactions, code of the sign of financial transactions of obligatory financial monitoring, code of the sign of financial transactions of internal financial monitoring, code of the identity document, code of the subject of primary financial monitoring , code of the type of message, code of legal status of the participant of the transaction, code of the type of the person connected with the financial transaction, code of presence of the permission to submit information, code of a sign of realization of the financial transaction, codes of areas of Ukraine, risk criteria), clients with FATCA-status. For the formation of databases of financial monitoring by economic agents based on external (extra) regulations developed tables containing: information from the Unified State Register of Legal Entities, Individual Entrepreneurs and Public Associations, the State Financial Monitoring Service of Ukraine with terrorism and international sanctions, public figures and members of their families, sanctions list of the National Security and Defense Council of Ukraine, sanctions list of the Ministry of Economic Development and Trade of Ukraine, US sanctions list, EU sanctions lists, worldwide sanctions lists, lists of high-risk countries, information from the First All-Ukrainian Credit Histories Bureau, information from the International Credit Histories Bureau, list of dual-use goods, list of persons with state ownership, AntiFraud HUB – information on fraudsters, bankruptcy register, register of debtors, register of court decisions, database of invalid documents, persons hiding from the authorities, the register of single tax payers, registers of encumbrances on movable and immovable property, data on securities, the register on lustration, the register of arbitration trustees, the corruption register of the database of Ukrainian organizations, information on foreign companies.

scholarly journals FINANCIAL MONITORING OF ECONOMIC AGENTS CLIENTS BASED ON THE VERIFICATION AND IDENTIFICATION INCOMING AND OUTGOING DOCUMENTS

2021 ◽  
Author(s):  
Olha Kuzmenko ◽  
Vitaliia Koibichuk ◽  
Roman Kocherezhchenko
Keyword(s):  
Block Diagram ◽  
Balance Sheet ◽  
Economic Agents ◽  
Leading Role ◽  
Employment Agreement ◽  
Income Statement ◽  
Identification Documents ◽  
National Bank ◽  
Financial Monitoring ◽  
Financial Transactions

For the successful conduct of certain financial transactions, economic agents determine the requirements for incoming and outgoing documents and develop appropriate templates for documents and messages. Identifying and verifying persons are effective tools that are given a leading role and help prevent the circulation of criminal funds through the financial and economic system, reveal the sources of illicit income, and identify the beneficiaries of such illegal funds. The article develops a block diagram of incoming and outgoing documents related to identifying and verifying persons subject to financial monitoring by economic agents and provides a detailed description of each stage of verification, requirements for documents, and content. Verification of incoming documents consists of three stages. At the 1st stage, identification documents are checked; at the 2nd stage – constituent documents (charter, founding agreement, model charter, decision on creation, changes to the constituent document, corporate agreement, description of documents, ownership structure, employment agreement (contract), regulations on governing bodies, decisions on election of officials, appointment order, card with sample signatures), at the 3rd stage financial documents (balance sheet, report on financial results, transcripts of balance sheet items, declarations, income statement, certificate on the absence of arrears of payments to the budget, certificate of cash flow from the servicing bank, account statement, certificate of indebtedness, patents, licenses, permits, certificates, certificates, credit agreements, guarantee agreements, letters of credit, loans, collateral, mortgages, guarantees, agreements with suppliers and buyers, lease agreements). The block diagram of the source documents for financial monitoring consists of four tuples, the key determinants of which are notifications to the Specially Authorized Body, notifications to the Security Service of Ukraine, information to the National Bank of Ukraine, letters to the client (servicing, from conducting financial transactions, to freezing the client's assets or to freezing assets on a financial transaction frozen by an economic agent).

scholarly journals Assessment of Banks Activities on Risk Control of Clients in the Financial Monitoring System

2021 ◽  
pp. 44-50
Author(s):  
Nataliya Vnukova ◽  
◽  
Inna Pleskun ◽  
Sergey Sokol ◽  
Oleksandr Yaholnytskyi ◽  
...  
Keyword(s):  
Cluster Analysis ◽  
Monitoring System ◽  
Risk Control ◽  
Control Policy ◽  
Practical Experience ◽  
National Bank ◽  
Asymmetric Distributions ◽  
Financial Monitoring ◽  
Financial Transactions ◽  
Legal Entities

Current legislation requires banks to continuously monitor all financial transactions of their customers – both legal entities and individuals. However, despite penalties, in the form of multimillion fines and written warnings most Ukrainian banks do not meet the requirements of the National Bank of Ukraine for development, approval and implementation of internal documents on financial monitoring. The purpose of the article is to summarize the practical experience of the banks in compliance with the policy of risk control of the bank's clients in the financial monitoring system. The sample of this study is 75 Ukrainian banks. The internal documents of existing Ukrainian banks on issues of internal bank financial monitoring were analyzed. The components of the risk control policy of the bank's clients were selected and the information on the completeness of the risk control policy of the bank's clients in the existing banks of Ukraine was summarized. The completeness of the risk-control policy of the bank's clients is determined at thefollowing stages: grouping of components of the risk-control policy of the bank's clients; clustering of Ukrainian banks according to the level of completeness of the bank's clients risk control policy. The method of cluster analysis identified groups of banks for the level of full risk-control of their clients. The four clusters with certain asymmetric distributions in their banks were identified. According to the results of generalization of practical experience of banks in compliance with the risk control policy of the bank's clients in the financial monitoring system, namely internal documents of existing banks on internal financial monitoring, it was found that some banks did not have actually developed internal policies or rules on compliance with the requirements of risk control legislation in the field of financial monitoring.

Business Process Model for Monitoring the Automatic Payments in the "Client-Bank" System

2021 ◽  
pp. 18-28
Author(s):  
Olha V. Kuzmenko ◽  
Serhii V. Mynenko ◽  
Serhii V. Lyeonov ◽  
Aleksy S. Kwilinski
Keyword(s):  
Money Laundering ◽  
Business Process ◽  
Process Model ◽  
Foreign Currency ◽  
Business Process Model ◽  
Financial Condition ◽  
Tax Payments ◽  
Financial Monitoring ◽  
Bank System ◽  
Legal Entities

The innovative development of banking presupposes modernization in the approaches to anti-money laundering. The article considers the issue of financial monitoring of banking operations without bank employees’ participation through the "Client-Bank" system. Two models for monitoring the automatic payments in the "Client-Bank" system are identified. The list of functions performed by the "Client-Bank" system in terms of types of clients: individuals and legal entities (including individuals-entrepreneurs) was determined. The first model describes general indicators of transactions that have the risk of money laundering. The second model focuses on the specific features of the "Client-Bank" system functionality for legal entities or individual entrepreneurs. Several criteria for the riskiness of the operation in terms of money laundering are considered. The developed business process model takes into account the verification of the participant's affiliation to countries that do not implement or improperly implement the recommendations of intergovernmental organizations, the participant's affiliation to politically significant or related persons and the withdrawal of capital abroad, including offshore areas . In addition, checks of financial condition of counterparties, regularity of receipts of payments and cash withdrawals, circulation of foreign currency, loan repayment, receipt of a significant amount of cash, ip-address of the client and description of the transaction are included. A feature of the business model for legal entities is the verification of NACE compliance, analysis of the number of contractors, analysis of the timeliness of tax payments. Directions for further development of this study identify the possibility of intellectualizing the financial monitoring system and improving the regulatory framework in the system "Client-Bank" to enhance the system of anti-money laundering in banking institutions.

On Transactions Using the Financial Platform

Auditor ◽  
2021 ◽  
pp. 3-9
Author(s):  
E. Smirnov
Keyword(s):  
Federal Law ◽  
One Year ◽  
Financial Transactions ◽  
Legal Entities

July marks one year since the adoption of the Federal Law of July 20, 2020 No. 211-FZ «On the execution of financial transactions using a fi nancial platform». Th e practice of applying this legal act has shown that it signifi cantly facilitated the access of individuals to fi nancial services and that it makes sense to extend its eff ect in terms of the use of financial platforms also to legal entities and individual entrepreneurs.

scholarly journals The Fiscal Pressure Endured by Trading Companies

2013 ◽  
Vol 3 (1) ◽  
pp. 134
Author(s):  
Constantin Cucoşel
Keyword(s):  
Tax Evasion ◽  
The State ◽  
The Other ◽  
Financial Resources ◽  
Internal Resources ◽  
Historical Reality ◽  
External Sources ◽  
Fiscal Pressure ◽  
Legal Entities

In order to carry out the extremely complex and diverse tasks it has to perform, the state needs important financial resources it can obtain either from within the country, from its taxpayers, physical persons or legal entities, or from external sources when internal resources are insufficient. The society cannot exist in the absence of the duties and taxes whose necessity is, on one hand stipulated by the Constitution, and on the other, proved by historical reality. It is only logical for these taxes to be imposed to the taxpayers. Fiscal pressure is a concept closely related to the notion of taxation and is often used to describe its level.   Keywords: taxes, fees, taxation, fiscal pressure, tax evasion

scholarly journals A cautionary tale of cross-contamination among plasmids from commercial suppliers

BioTechniques ◽  
2020 ◽  
Vol 68 (1) ◽  
pp. 14-21
Author(s):  
Jinli Sun ◽  
Yaping Tian ◽  
Yingying Du ◽  
Zhenzhen Wang ◽  
Guodong Zhao ◽  
...  
Keyword(s):  
Human Papillomavirus ◽  
High Risk ◽  
Human Gene ◽  
Cross Contamination ◽  
Cautionary Tale ◽  
Production Schedule ◽  
Minute Amount ◽  
Extreme Caution ◽  
Gene Therapies ◽  
External Sources

Many researchers have switched to purchasing their desired plasmids from commercial suppliers to save time and resources, as we did for 17 high-risk human papillomavirus plasmids. To our surprise, they were shown to be cross-contaminated with one another. Comparison between the production schedule and the pattern of contaminations proved that this contamination occurred during the production process, which was also shown for another two sets of commercial plasmids. Our experience indicates that the absolute purity of plasmids obtained from external sources cannot be guaranteed. Extreme caution should be exercised, especially when such plasmids are used for human gene therapies and DNA vaccines, where even a minute amount of contamination may pose significant risks to patients.

FINDING MEASURES OF DEVIANT ACTIVITY OF FINANCIAL MONITORING ENTITIES AND THE PRACTICE OF ITʼS APPLICATION

2020 ◽  
pp. 44-50
Author(s):  
Yu. M. Beketnova
Keyword(s):  
Heterogeneous Data ◽  
Securities Market ◽  
Subjective Assessments ◽  
Nature Of Information ◽  
Primary Identification ◽  
Manual Processing ◽  
Illegal Activities ◽  
Business Entities ◽  
Financial Monitoring ◽  
Financial Transactions

The solution of the State tasks to combat the laundering of proceeds from crime involves the processing of large amounts of heterogeneous data. The volume increasing of incoming information (approximately 20 % annually) leads to a decrease in the efficiency of its processing. Decision makers are forced to work with subjective assessments and face significantly increased timelines for obtaining results. An analysis of the Rosfinmonitoring tasks of money laundering combat has shown that the actual need for the number of objects to be analyzed is many times greater than the capabilities of analysts. This problematic situation requires the objects for analysis prioritization. The heterogeneous nature of information resources and their significant volume exclude the possibility of their manual processing. The solution to the problem of primary identification of financial transactions schemes can be found through visualization of assessments of identified entities. To visualize information about financial monitoring objects, it is necessary to rank them. However, the objects of financial monitoring – business entities, credit organizations, professional participants in the securities market – are described by sets of characteristics, i.e. essentially are objects of vector nature. In mathematics, the ordinal relations for vectors, as it’s known, are not defined. The article presents the results of the problem solving in finding integrated estimates of financial monitoring objects. The resulting measures of the deviant activity of business entities, credit organizations and professional participants in the securities market served as the basis for the scientific visualization of financial monitoring data. The proposed solution has significantly improved the efficiency of identifying schemes with the participation of business entities involved in illegal activities.

scholarly journals Financial Transactions Tax as an Integration Development Instrument in the EU

2020 ◽  
pp. 165-172
Author(s):  
Ilya Lifshits ◽  
Keyword(s):  
European Commission ◽  
Global Financial Crisis ◽  
Customary Law ◽  
The European Union ◽  
Member States ◽  
Financial Transaction ◽  
Financial Transaction Tax ◽  
Financial Transactions ◽  
Transaction Tax ◽  
The Eu

The adoption of a legal instrument relating to the harmonization of the ten Member States‟ laws on the financial transaction tax could be the first attempt in the EU history to establish an enhanced cooperation in the area of taxation. This project should be considered in the wider context of the financial sphere reform, which was caused by the global financial crisis. The draft Directive implementing enhanced cooperation in the area of the financial transaction tax has been discussed in the Council for 7 years but an accord has not been reached yet. The ambition of the European Commission to enlarge the scope of the financial transaction tax payers as much as possible is perceived by the non-participating Member States as an encroachment of their tax jurisdiction which contradicts the international customary law as well as The Treaty on the Functioning of the European Union. An examination of the reasons of unsuccessful negotiations may lead to a conclusion on drawbacks of the enhanced cooperation in taxation policy. It is not likely that this mechanism would be used in the future to tax a very mobile financial market where the tax base may be easily transferred to the non-tax states. Meanwhile the participation of the leading EU States in the project, a wide public support of the „Robin Hood Tax‟ and Brexit suggest that in the coming months financial transactions in ten Member States will be charged by the harmonized tax. However, the scope of the tax would be reduced in comparison with that in the initial draft of the European Commission.

scholarly journals Finance Capitalism and Democracy: The Case of the Financial Transactions Tax

2020 ◽  
pp. 125-134
Author(s):  
Stephan Schulmeister
Keyword(s):  
European Commission ◽  
Financial Instability ◽  
Financial Transaction ◽  
The Future ◽  
Pros And Cons ◽  
Transaction Taxes ◽  
Financial Transactions ◽  
Finance Capitalism ◽  
The Eu

AbstractThis chapter analyses the pros and cons of financial transaction taxes (FTT) as mechanisms to mitigate financial instability and the proposal of the European Commission to implement an FTT in the EU in September 2011 until its suspension, as well as the prospects for it to be adopted in the future.

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