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 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 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 PROBLEMS OF INSTABILITY OF THE WORLD ECONOMY UNDER GLOBALIZATION

2017 ◽  
Vol 4 ◽  
pp. 213
Author(s):  
Tomasz Dołęgowski ◽  
Serhii Hushko ◽  
Volodymyr Kulishov
Keyword(s):  
Economic Development ◽  
Technological Progress ◽  
World Economy ◽  
Value Systems ◽  
Modern World ◽  
Negative Consequences ◽  
Economic Agents ◽  
Income Disparities ◽  
The World ◽  
World Economic

We examine the main trends of world economic development. The characteristic feature of the modern world is the acceleration of globalization development, caused by the achievements of scientific and technological progress. The increase in possibilities of global problem solving is accompanied by their exacerbation and degree of openness of public systems in conditions of modern globalization. We consider the interaction of international economic agents, the formation of interconnections, the inevitability of transition to a new and more progressive model of economic development – metaeconomy and the problems which are potentially able to cause negative consequences of the financial sector redistribution. There is a growth of social inequality in the world, resulting in increasing income disparities, which intensifies the migration process and thereby creates new problems as a result of the coexistence of people belonging to different civilizations, cultures and value systems.

scholarly journals FINANCIAL MONITORING AS A TOOL DESHADOWING BANKING SYSTEM

2019 ◽  
pp. 59-65
Author(s):  
A. Bukhtiarova ◽  
O. Tietierieva
Keyword(s):  
Economic Development ◽  
Money Laundering ◽  
Banking Sector ◽  
Shadow Economy ◽  
Banking System ◽  
Economic Security ◽  
The State ◽  
Negative Consequences ◽  
Financial Monitoring ◽  
The Impact

Today, the phenomenon of the shadow economy is widespread and has negative consequences for the economic development of the countries of the world. It is known that many factors influence the level of the shadow economy and one of these factors is money laundering. The purpose of the article is to analyze the primary and state financial monitoring as a tool for the unshadowing of the Ukrainian banking system. At the end of 2018, the Ministry of Economic Development, Trade and Agriculture of Ukraine is setting the level of the shadow economy at 30% of official GDP, the lowest in the last ten years. The authors investigate the impact of financial monitoring on the level of the shadow economy, identifying major threats to the country's economic security and analyzing the proportion of reports of suspicious transactions from banks in the overall message structure. It is found that about 99% of all reports to the State Financial Monitoring Service of Ukraine about suspected financial transactions come from banks. The essence of the primary financial monitoring, its main shortcomings are revealed, namely the imperfection of the legislative framework, the lack of highly qualified employees in the field of financial monitoring and the formation of clear requirements for the banks as the subjects of the primary financial monitoring. The contents of the most common money laundering schemes through the banking sector are disclosed, such as withdrawal of capital abroad, corruption schemes, schemes involving individuals, fraudulent transactions within the bank, counterfeiting of documents on the value of collateral or granting it, and falsification of the company's decision to obtain a loan. The article also reflects the main violations of banks in the field of financial monitoring for the years 2018-2019, analyzes the shortcomings of the state financial monitoring and proposes to improve the effectiveness of financial monitoring in banks in order to shade the banking sector. Keywords: unshadowing, banks, banking system, financial monitoring, money laundering.

Sociostructural Aspects of Socio-Economic Development:The role of Economic approach

2014 ◽  
pp. 86-105
Author(s):  
M. Shabanova
Keyword(s):  
Economic Development ◽  
Structural Factors ◽  
Economic Approach ◽  
Economic Agents ◽  
Socio Economic Development

The author discusses the importance of studying socio-structural factors of socio-economic development through a broader application of the economic approach. The resources of status positions of economic agents are in the spotlight. A possible platform for interdisciplinary interactions is proposed which allows to increase the contribution of both economics and sociology in improving governance at all levels.

Modern patterns of development of the communication and informatization sphere

2019 ◽  
pp. 14-19
Author(s):  
Maryna Demyanchuk
Keyword(s):  
Economic Development ◽  
Information And Communication Technologies ◽  
Communication Technologies ◽  
Economic Resource ◽  
Telecommunication Services ◽  
The World ◽  
Information And Communication ◽  
Per Capita ◽  
Ict Development ◽  
Telecommunications Services

Information and telecommunication services are currently a full-fledged resource for social development compared to traditional resources. The growth of the level of scientific and technological progress has led to the incredibly fast development paces in the sphere of information and communication technologies, which has a significant impact on the development of the economy. On the basis of a thorough analysis of the sectors of information and communication technologies and components of the ICT development index, the article substantiates the need for accelerated digitization of the majority of enterprises of different spheres of economic activity with the aim of qualitative development of Ukrainian economy in order to increase its competitiveness in the world. This is explained by the fact that information and technology represent the main economic resource in the period of formation of information society and digital economy, and enterprises of the sphere of communication and informatization are a catalyst for social and economic development of the country as a whole. Using a methodological toolkit of the theory of systematic and correlation-regression analysis, an economic-mathematical model of the development of the sphere of communication and informatization in the regions of the world and individual countries of the world is constructed. It is based on the existing pattern of leading development of the communications sector, but takes into account the degree of economy dependence on the ICT development, which in some regions and countries is 100%. This is due to the approaching mass availability of ICT services in some countries in these regions. On the basis of the constructed model, the forecasting of GDP PPP per capita was carried out, which showed faster rates of growth of the country’s economy with the growth of the development level of the sphere of communication and informatization and accessibility of telecommunication services. In turn, the availability of telecommunication services is influenced by the digital skills of society and the level of their prices, which has necessitated determining the dependence of GDP PPP per capita on prices for communication services of countries with varying degrees of socio-economic development. This makes it possible to identify reserves for improving the productivity of individuals while increasing the availability of telecommunications services.

Determining and evaluating the level of socio-economic risks for Russia to respond to ‘Grand Challenges’

2021 ◽  
Vol 17 (3) ◽  
pp. 443-469
Author(s):  
Nataliya V. KUZNETSOVA ◽  
Ekaterina V. KOCHEVA ◽  
Nikolai A. MATEV
Keyword(s):  
Economic Development ◽  
Risk Mitigation ◽  
Market Potential ◽  
Russian Regions ◽  
Economic Agents ◽  
Grand Challenges ◽  
Technological Gap ◽  
Socio Economic Development ◽  
Mitigation Methods ◽  
Economic Risks

Subject. The modern economic development strongly depend on a powerful regulator, such as grand challenges, which have become a critical barrier, requirement, level that should be attained. Considering the grand challenges, the country set up goals and tasks for the coming period and adjusts operations of economic agents. Therefore, it is necessary to assess the gap between the absolute and current market potential with reference to qualitative and quantitative indicators. The study is called to assess whether Russia is prepared for the existing and arising grand challenges. We also determine risk mitigation methods and the probability of negative scenarios. Objectives. We determine and evaluate the level of socio-economic risks for Russia to respond to the grand challenges. We also pinpoint key directions for the Russian regions to continue their socio-economic development in order to promote their further economic growth. Methods. The study presents the economic-mathematical modeling of the nexus among factors that determine socio-economic risks of the GRP dynamics to find their mitigation methods. In the study, the logit-model with dummy variables that attribute the regions to certain clusters. Results. We analyzed and classified risks of the Russian regions by 10 integral indicators. The article shows homogeneous regional zones exposed to similar socio-economic development risks. We also carry out the multivariate classification of the Russian regions by the risks assessed. As the findings show, the Russian regions strongly differ by socio-economic risks. The article spotlights priorities of the socio-economic development of the constituent entities of the Russian Federation. Conclusions and Relevance. As their key development vector, the Russian regions need to overcome the technological gap, mitigate the S&T potential risk and a drop in the innovative activity of the economy.

scholarly journals Cultural and Social Diversity as an Economic Resource

2021 ◽  
Vol 65 (2) ◽  
pp. 141-155
Author(s):  
Damian S. Pyrkosz
Keyword(s):  
Economic Development ◽  
Negative Impact ◽  
Positive Impact ◽  
Economic Systems ◽  
Main Body ◽  
Social Diversity ◽  
Economic Resource ◽  
Numerous Data ◽  
The Relationship

The paper seeks to identify the role of cultural and social diversity in economic development. It starts by defining the terms that are critical to the analysis, including diversity, fractionalization, polarization, social diversity, cultural diversity and economic resources, as well as providing the most significant indexes thereof. The main body of the paper interprets the notions of cultural and social diversity in terms of being a valuable economic resource. Furthermore, it collects a vast body of literature to demonstrate the relationship between the cultural/social diversity and economic development with regard to adverse or positive impact on the latter. In regard to the negative impact of diversity, the paper identifies it in the area of social communication, social capital and networks, as it effectively causes a decrease in productivity and increase in social conflict and isolation. The positive link is demonstrated with examples in the areas of innovation, creativity, usage of complementary abilities and experiences, and their role in increasing productivity. The paper refers to numerous data sources, studies and indexes illustrating how the economic systems of various countries perform in the context of the paper’s subject-matter.

scholarly journals THE IMPACT OF THE COVID-19 PANDEMIC ON INDUSTRY 4.0 IN THE CONTEXT OF GLOBAL ECONOMIC DEVELOPMENT

InterConf ◽  
2021 ◽  
pp. 54-59
Author(s):  
Bohdana Hunko
Keyword(s):  
Economic Development ◽  
Industry 4.0 ◽  
Global Economy ◽  
Industrial Revolution ◽  
Negative Consequences ◽  
Negative Effects ◽  
Technology Industry ◽  
World Economic ◽  
The Impact

The paper analyzes the role of Industry 4.0 in the process of overcoming the global economy from the crisis situation associated with the total Covid-19 pandemic. The aspect of economic profitability of using the technologies of the fourth industrial revolution to improve world economic development in the context of the Covid-19 pandemic was also identified. The author identified the positive and negative consequences of the involvement of technology Industry 4.0, on the basis of which a number of recommendations for small and medium-sized businesses were formed in order to quickly overcome the negative effects of the crisis. Based on the work, the author formulated a number of trends and prospects for global economic development, taking into account the current conditions of the Covid-19 pandemic.

scholarly journals Currency liberalization and its impact on the economy of Ukraine

2020 ◽  
Vol 2020 (3) ◽  
pp. 25-40
Author(s):  
Valentyna Harkavenko ◽  
◽  
Galina Yershova ◽  
◽  
Keyword(s):  
Economic Development ◽  
Financial Sector ◽  
Developed Countries ◽  
Raw Material ◽  
Negative Consequences ◽  
Economic Activities ◽  
Depth Analysis ◽  
European Standards ◽  
Business Entities ◽  
The Impact

Examining the transformation of financial relations in Ukraine, in the previous article the authors analyzed the impact of foreign capital on the economic development of this country’s economy and found that its concentration in certain economic activities contributed to consolidating its raw material orientation. The authors conclude that due to the distorted model of Ukraine's economic development, successful practices of developed countries to attract foreign investment and reform the financial sector are ineffective in this country’s economy. Continuing the study of the transformations of financial relations in Ukraine, which are taking place under the influence of the approximation of domestic legislation to European standards, the authors could not leave aside the question of impact of the liberalization of currency legislation on the economy. Given that currency liberalization significantly affects the behavior of foreign investors, the authors conducted an in-depth analysis of legislative changes in the financial sector, and described the main results of their implementation. The positive and negative consequences of currency liberalization in Ukraine for business entities and the economy in general are analyzed. Particular attention is paid to the risks associated with the liberalization of operations related to the movement of capital and the behavior of non-residents in the financial market of Ukraine. It is concluded that Ukraine’s economy with its distorted development model belongs to the financially and institutionally weak ones, hence is not presently ready to liberalize its monetary relations, which could only deepen the deformations and reduce resilience to macroeconomic imbalances.

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