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The Ways to Minimize the Risks of Legalization of the Bank’s Customers’ Incomes
Omelchenko O. I., Ostrovskyi D. M.

Omelchenko, Oksana I., and Ostrovskyi, Denys M. (2019) “The Ways to Minimize the Risks of Legalization of the Bank’s Customers’ Incomes.” Business Inform 6:239–245.
https://doi.org/10.32983/2222-4459-2019-6-239-245

Section: Finance, Money Circulation and Credit

UDC 336.71.078.3

Abstract:
The article is aimed at studying a system of risks management, particularly considering the risks that arise at the present stage in connection with the spread of processes of legalization of criminal funds by means of the banking system, and formulating recommendations as to minimizing them. The works of foreign and domestic scholars on the emergence and spread of various forms and methods of money laundering are analyzed; four main models for the legalization of proceeds of crime are identified; the stages of the process of laundering criminal proceeds are allocated. The most risky transactions for banks in the service of individuals and legal entities are also classified. Particular attention is paid to the instrumentarium to counter the legalization of criminal proceeds and the financing of terrorism. Thus, laws and by-laws in the sphere of countering the legalization of criminal means, directions of cooperation with law enforcement agencies and special international organizations, in particular, the FATF organizational and legal measures, and internal provisions of banks are analyzed. Using the evaluation-analytical procedure of finding the most acceptable option with the hierarchies analysis method, a comparison of risk management strategies according to their impact on the banking sector is made, allocating the most priority instruments.

Keywords: banking system, monitoring, minimization of risks, legalization of illegal income.

Fig.: 2. Bibl.: 10.

Omelchenko Oksana I. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Customs and Taxation, Simon Kuznets Kharkiv National University of Economics (9a Nauky Ave., Kharkiv, 61166, Ukraine)
Email: [email protected]
Ostrovskyi Denys M. – Lecturer, Department of Customs, Simon Kuznets Kharkiv National University of Economics (9a Nauky Ave., Kharkiv, 61166, Ukraine)
Email: [email protected]

List of references in article

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Kryvonos, L. V. “Derzhavne rehuliuvannia zapobihannia ta protydii lehalizatsii (vidmyvanniu) dokhodiv, oderzhanykh zlochynnym shliakhom: suchasnyi stan i shliakhy rozvytku“ [State regulation of prevention and counteraction to legalization (laundering) of proceeds from crime: the current state and ways of development]. Derzhava ta rehiony. Seriia «Derzhavne upravlinnia», no. 1 (2014): 19-25.
Dmytrov, S. O. “Modeliuvannia otsinky ryzykiv vykorystannia posluh bankiv z metoiu lehalizatsii kryminalnykh dokhodiv abo finansuvannia teroryzmu“ [Modeling the risk assessment of the use of bank services for the purpose of legalizing criminal incomes or terrorist financing]. Visnyk Natsionalnoho banku Ukrainy, no. 1 (2012): 54-59.
Kolodiziev, O. M., and Kotsiuba, O. V. “Zrostannia roli bankiv yak subiektiv pervynnoho finansovoho monitorynhu na etapi minimizatsii ryzykiv vidmyvannia koshtiv, otrymanykh zlochynnym shliakhom“ [Growth of the role of banks as subjects of initial financial monitoring at the stage of minimization of money laundering risks]. Bankivska sprava, no. 1-2 (2018): 7-21.
Andriichenko, Zh. O. “Vyznachennia napriamiv instytutsiinykh zmin dlia zabezpechennia efektyvnoho funktsionuvannia ryzyk-oriientovanoho pidkhodu u sferi finansovoho monitorynhu“ [Determining the directions of institutional changes to ensure the effective functioning of a risk-oriented approach in the field of financial monitoring]. Hlobalni ta natsionalni problemy ekonomiky. 2017. http://global-national.in.ua/archive/17-2017/124.pdf
[Legal Act of Ukraine] (2017). http://zakon.rada.gov.ua/laws/show/601-2017-p
[Legal Act of Ukraine] (2014). https://zakon.rada.gov.ua/laws/show/1702-18
“Zvit pro typolohii vidmyvannia hroshei 2002-2003“ [A Typology Report on Money Laundering 2002-2003]. FATF. Hrupa rozrobky finansovykh zakhodiv borotby z vidmyvanniam hroshei. http://www.bank.gov.ua/doccatalog/document?id=36191
Omelchenko, O. I., and Rats, O. M. “Leveling the Financial Risks of Banking System with Use of Monitoring Instruments“. Biznes Inform, no. 12 (2018): 379-386.
Ofitsiinyi sait Derzhavnoi sluzhby finansovoho monitorynhu Ukrainy. http://www.sdfm.gov.ua

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