Public financial monitoring: general legal characteristics

Public Law ◽  
2019 ◽  
pp. 70-74
Author(s):  
VLADIMIR PERSHIN
Keyword(s):  
Financial Monitoring

scholarly journals Aging and Financial Capacity: Cognitive Correlates of an Early Indicator of Functional Decline

2020 ◽  
Vol 4 (Supplement_1) ◽  
pp. 467-468
Author(s):  
Katherine Wild ◽  
Jennifer Marcoe ◽  
Nicole Sharma ◽  
Mary Siqueland ◽  
Nora Mattek ◽  
...  
Keyword(s):  
Older Adults ◽  
Visual Memory ◽  
Monitoring Program ◽  
Well Being ◽  
Monitoring Data ◽  
Financial Capacity ◽  
Functional Changes ◽  
Online Transactions ◽  
Financial Activity ◽  
Financial Monitoring

Abstract Financial capacity describes the ability to make and carry out sound financial decisions sufficient to meet an individual’s needs for health and well-being. Impairments in financial capacity have been shown to be one of the earliest functional changes in patients with mild cognitive impairment (MCI), the precursor to Alzheimer’s disease and related dementias. Recent developments using online automated monitoring of financial transactions promise a new way to identify the earliest signs of cognitive decline. We examine the feasibility of using secure online technology to link ongoing financial activity monitoring data with other objective measures of function and cognition in a cohort of independent living older adults. To date, 73 older adults (mean age = 76.8, MoCA = 25.9) have enrolled and are participating in a 12-month online financial monitoring program that tracks account activity and generates alerts for unusual or irregular transactions. At baseline participants are administered a battery of neuropsychological tests and the Financial Capacity Instrument (FCI), a measure of financial capacity using tasks of everyday financial activity. Financial monitoring data are collected continuously, and are summarized and reported monthly. Younger participants had more online transactions and higher FCI scores. FCI total score was positively correlated with animal fluency (p < .02), Trails A (p < .03) and B (p < .0001), and visual memory (p < .0008). Number of online transactions in one month was correlated with FCI score, and Trails B (faster time to completion). Lower MoCA scores were associated with higher number of alerts per month.

Central bank digital currency: the future of institutional changes in the banking sector

2021 ◽  
Vol 2021 (2) ◽  
pp. 26-48
Author(s):  
Volodymyr MISHCHENKO ◽  
◽  
Svitlana NAUMENKOVA ◽  
Svitlana MISHCHENKO ◽  
◽  
...  
Keyword(s):  
Central Bank ◽  
Financial Stability ◽  
Banking Sector ◽  
Central Banks ◽  
Credit System ◽  
Bank Supervision ◽  
Bank Of China ◽  
Digital Currency ◽  
Financial Monitoring ◽  
The Impact

The purpose of the article is to reveal the essence and features of the introduction of digital currency of central banks and their impact on the conditions of monetary policy, financial stability, as well as institutional transformations in the development of national banking systems. The study is based on an analysis of projects of issuance and use of digital currencies of the ECB and central banks of leading countries, as well as the results of pilot projects of the National Bank of China on the use of the digital yuan and NBU on the e-hryvnia circulation. It is proved that digital currency of the central bank should be considered as a new dematerialized form of national currency in addition to cash and non-cash forms. Particular attention is paid to the study of the impact of the use of digital currency by central banks on the main parameters of economic policy. The main directions of potential influence of digital currency use on transformation of mechanisms of realization of monetary, budgetary and tax, macroprudential policy, maintenance of financial stability, activization of action of channels of the monetary transmission mechanism, and also on reforming of system of the state financial monitoring and bank supervision are substantiated. It is determined that one of the consequences of the use of digital currency will be the ability to ensure full control over all monetary transactions, which will help reduce the shadow economy and corruption. Structural and logical schemes of centralized and decentralized models of issuance and circulation of digital currency of central bank have been developed, directions of changes in the structure and functions of commercial and central banks, as well as in the structure of the financial and credit system in general have been substantiated.

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.

scholarly journals Postal Bank in Ukraine: The Need and Risks of Creation

2021 ◽  
Vol 6 (521) ◽  
pp. 228-234
Author(s):  
D. M. Hladkykh ◽  
Keyword(s):  
Rural Areas ◽  
Financial Services ◽  
The State ◽  
Resource Base ◽  
Banking Services ◽  
Post Offices ◽  
Banking Market ◽  
Target Segment ◽  
Banking Institutions ◽  
Financial Monitoring

The article is aimed at substantiating the feasibility of creating a specialized postal bank in Ukraine, to define the list of related risks and possible directions for their reduction. The following key risks that hinder the establishment of a postal bank in Ukraine are identified: risk of lack of full control over the directions of investment of accumulated deposits of the population on the part of the NBU; liquidity risk; risk of non-compliance by the postal operator with economic standards that are mandatory for banking institutions; risk of capital deficit; risk of inability to support the postal operator with refinancing; risk of mass withdrawal of deposits by customers; risk of insufficient competence of «Ukrposhta» employees to comply with the requirements of financial monitoring; risks associated with the collection of large amounts of cash; risk of further growth of the share of the State-owned institutions in the banking market; risk of shortage of funds to close the agreement on the purchase of «Ukrposhta» by an already operating bank. Possible directions of minimization of these risks are proposed, in particular: implementation of key elements of successful experience in the banking services market of JSPPB «Aval»; defining as the target segment of clients of the new postal bank of the pensioners, who are currently customers of post offices, and as the basis of its resource base – the future pension and current accounts of individuals; use by «Ukrposhta» of the so-called «agency» model of financial services provision; association of «Ukrposhta» and «Oschadbank» into the State-owned Postal Bank; development of a list of key performance indicators for employees and branches of the new postal bank; development of a list of measures directed towards significantly improving the level of qualification of personnel of «Ukrposhta» branches; installation of POS-terminals and payment terminals in all post offices located in rural areas; establishment of individual economic standards for the new postal bank for the period of its full adaptation to activities in the banking market.

scholarly journals The State Regulation Mechanism for the Insurance System Development in Ukraine

2020 ◽  
Vol 3 (45) ◽  
pp. 148-154
Author(s):  
L. M. Voytovych ◽  
Keyword(s):  
System Development ◽  
State Regulation ◽  
The State ◽  
Regulation Mechanism ◽  
Insurance System ◽  
Insurance Sector ◽  
Effective Performance ◽  
The One ◽  
Financial Monitoring ◽  
Antitrust Regulation

The purpose of the research is to suggest scientific approaches to prove the necessity of conducting state regulation, to construct a mechanism for the state regulation of the insurance system and to find some opportunities to improve this mechanism in order to develop both the insurance system and the national economy. The article analyzes the conceptual and categorical framework of the theory of the state regulation of the insurance system and considers various approaches to understanding the concept of the state regulation mechanism in the insurance sector. The main specific features of the state regulation in the insurance market, one the one hand, and the state regulation in the insurance system, on the other hand, is highlighted. It is determined that the development of the insurance system is influenced by a combination of factors, so the system’s regulation provided by the state acquires specific features subject to the time, country and economic policy adopted. A new take on the concept of the state regulation of the insurance system is proposed, defining it as the application of the state leverage to influence the bunch of elements that ensure the effective performance of the insurance system in order to achieve its stable development and economic growth. A mechanism of state regulation of the insurance system development has been built, which should include the following elements: the strategic goal, tasks, subjects, objects, principles, functions, methods and tools, forms of the state regulation and factors influencing the insurance system development. The following principles of the state regulation of the insurance system development are highlighted: sufficiency, adequacy, consistency, openness, fairness, expediency, efficiency, stability. The following forms of the state regulation have been studied: statutory regulation, administrative regulation, antitrust regulation, tax regulation, price regulation, financial monitoring.

scholarly journals On Changes in the Organization of External State Monitoring in Russia

2021 ◽  
pp. 166-171
Author(s):  
Yu. N. Matveev ◽  
L. V. Azarova
Keyword(s):  
Current Practice ◽  
State Monitoring ◽  
Common Features ◽  
Methods And Techniques ◽  
Financial Monitoring ◽  
Commercial Organizations

The analysis of the current practice of financial monitoring in Russia is given. A study of the main directions, methods and forms of its implementation in the budgetary sphere and commercial organizations was carried out. The procedure for its implementation, participants, methods and techniques of verification are considered. On the basis of the comparison, common features and differences of external financial monitoring in commercial organizations and the budgetary sphere were identified, conclusions were formulated.

scholarly journals Organization and Methodological Support of Financial Monitoring in an Auditing Firm: New Requirements

2020 ◽  
pp. 55-69
Author(s):  
О. LUBENCHENKO
Keyword(s):  
Asset Management ◽  
Weapons Of Mass Destruction ◽  
Regulatory Requirements ◽  
Corporate Rights ◽  
Previous Edition ◽  
Regulatory Bodies ◽  
The Law ◽  
Financing Of Terrorism ◽  
Financial Monitoring ◽  
Responsible Person

The requirements to implementation of financial monitoring by auditing entities, as specified by the Law of Ukraine “On prevention and counteraction to legalization (laundering) of proceeds from crime, financing of terrorism and financing of proliferation of weapons of mass destruction” from 06.12.2019 No 361-ІХ, enforced on 28.04.2020, are analyzed. The existence of unclear interpretations of some notions in the this Law of Ukraine or heavy financial sanctions that may be imposed on auditing entities call for elaboration and introduction of internal firm documents concerned with financial monitoring. While in the previous edition of the above Law of Ukraine the features of financial monitoring organization were specified for auditing entities in case of rendering certain categories of services to a client (realty transactions; asset management; raising funds to establish legal entities, support to their operation and management, buying and selling of corporate rights), they are not found in the updated edition of this Law of Ukraine. Therefore, auditing entities need to rely upon general norms of the Law of Ukraine in organizing financial monitoring. A series of administrative documents were elaborated for this purpose: the order on assignment of a person responsible for carrying out financial monitoring; the conclusion of business character test for the candidate on the position of the responsible person, the Rules for financial monitoring of an auditing entity, and the monthly fact sheet of the responsible person about the results of carried out measures on financial monitoring.    The developed Rules of financial monitoring cover all the regulatory requirements for the implementation of financial monitoring, with the possibility of making change in case of need. The Rules must be informed to the staff of an auditing entity, engaged in rendering auditing and non-auditing services, through the involvement in internal training on financial monitoring issues. Apart from the Rules, it is proposed to supplement the working documents supporting the financial monitoring procedures by the following sections: (i) “Documentary support to financial monitoring of auditing entities”; (ii) “Personnel and personnel training on financial monitoring issues”; (iii) “Documentary support to interactions with the State Service of Financial Monitoring of Ukraine, ministries and administrative departments”, which are supposed to help auditing entities to fully observe the regulatory requirements and avoid heavy financial sanctions on the part of controlling and regulatory bodies.  

scholarly journals Federal Financial Monitoring Service as a Member of the National Security of the Russian Federation and the Implementation of the Strategy of the Country's Economic Security

2018 ◽  
Vol 3 (2) ◽  
pp. 198
Author(s):  
Arzhanova I.M. ◽  
Nemtsov Yu.A.
Keyword(s):  
National Security ◽  
Russian Federation ◽  
Well Being ◽  
Economic Security ◽  
Constitutional Rights ◽  
Political Determinants ◽  
The Russian Federation ◽  
High Standards ◽  
Financial Monitoring ◽  
Monitoring Service

National-State interests of the Russian Federation are the most significant and objective political determinants of the totality of the vital needs of the population, which are aimed at the satisfaction and development of an individual, society and the State in all their areas of activity: International, military, economic, social, information, internal political, environmental. Maintaining a level of well-being of citizens, to ensuring high standards of life and health, the country's territorial integrity, its sovereignty, guaranteing citizens ' constitutional rights, stable economic development are relevant political objectives activities in Russia.

scholarly journals PROBLEMS FOR ANTI-CRISIS ANALYTICAL PROCEDURES OF FINANCIAL STABILITY OF TRADE ENTERPRISES

2020 ◽  
Author(s):  
Ludmila Anipko ◽  
◽  
Irina Klimovych ◽  
Keyword(s):  
Financial Stability ◽  
Regression Equation ◽  
Regression Coefficients ◽  
Regression Equations ◽  
Financial Condition ◽  
Financial Audit ◽  
Analytical Procedures ◽  
Financial Monitoring ◽  
Complex Indicators

Anti-crisis analytical procedures the financial stability of trade enterprises (hereinafter – AP FS) are part of the internal financial audit of economic activity. The system of financial monitoring is practically acceptable for the implementation of AP FS. The developed classification allows to determine the ability of the enterprise to implement AP FS. An analytical method has been developed that allows, based on the analysis of the financial condition and multivariate forecast, to develop measures to ensure the financial stability of the trade enterprise continuously. By interpolation, the study of the current financial situation, and extrapolation – a multivariate forecast, the numerical value of the integrated (complex) indicator that characterizes financial stability is determined by the regression equation, including factors listed in the classification, the significance of which is determined by regression equations. Based on the analysis of the numerical values of the regression coefficients, it is possible to determine the most important factors that affect the financial stability of trade enterprises, and those that have almost no effect on it. Components with significantly small numerical values of the regression coefficients can be generally discarded. This will reduce the number of indicators that affect financial stability and thus, you can reduce the number of components in the regression equation to the two three most important, which allows you to solve the problem of optimization. The expediency of using integrated and complex indicators is shown. The obtained results are only an information basis for the economic administration of the trade enterprise in making management decisions, the formation of long-term plans. The developed approaches to assessing the financial stability of enterprises are universal and can be used for enterprises in other sectors of the economy.

scholarly journals THE LEGISLATION IN THE SPHERE OF COUNTERACTION OF CORRUPTION: RUSSIA AND CHINA (COMPARATIVE LEGAL ASPECT)

2017 ◽  
Vol 3 (3) ◽  
pp. 93-98
Author(s):  
Вячеслав Севальнев ◽  
Vyacheslav Sevalnev
Keyword(s):  
Russian Federation ◽  
Legal Aspect ◽  
National Level ◽  
Legal Framework ◽  
Republic Of China ◽  
Legislative Procedures ◽  
Legal Space ◽  
The Russian Federation ◽  
Financial Monitoring ◽  
Monitoring Service

The article considers the actual issues of combating corruption in the Russian Federation and People’s Republic of China. The author conducts a comparative analysis of legislation in the sphere of anti-corruption in Russia and China. The study identified the main approaches in combating corruption in both countries. The author proposes a periodization of the process of formation of anti-corruption legislation in both countries. The author distinguishes three main stages in the development of Russian legislation in the anti-corruption sphere and four stages in the development of similar legislation in China. On the basis of the conducted analysis the author concludes that the anti-corruption legislation of Russia and China, mostly already formed, however, within the legal framework of China, unlike Russia, has not yet been adopted the basic anti-corruption legislative act. The author also notes that in China in anti-corruption legislation widely use a subordinate rule-making and regulations of innerparty character, which can be attributed to regulations at national level, in Russia anti-corruption legislation is divided into the Federal normative legal acts, laws and other normative legal acts of bodies of constituent entities of the Russian Federation and municipal legal acts. The author also notes that PRC authorities in addition to legislative procedures widely use the program to search and return “runaway” officials. This approach is really interesting for the relevant Russian bodies, such as the Federal financial monitoring service and requires further scientific understanding to explore the possibility of using in Russian legal space and law enforcement.

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