In September 2017, a significant event for financial institutions around the world took place - the first automatic exchange of information for tax purposes in accordance with the CRS (Common Reporting Standard). The source of information exchange were banks, as well as other financial institutions (pension funds, investment and insurance companies, etc.). The second large group of countries is also joining the process of automatic information exchange in 2018.
CRS provides for an annual automatic exchange of tax information between Member States of the Multilateral Cooperation Convention between the competent authorities on automatic information exchange under the CRS (MCAA Convention).
The exchange of information on accounts of legal entities and natural persons will be made automatically, annually and on the principle of residency (in contrast to the FATCA law, which uses the principle of citizenship).
The essence of the exchange is that banks collect information on financial activities on corporate accounts of the companies, individual accounts of natural persons, private funds and trusts, and then transfer it to the tax authorities of their country, which send this...
National Bank of Ukraine has established an order for identifying the banks risk operations
From the first in September 2016 comes into force, established by the Board of the National Bank of Ukraine №369 from 15.08.2016, the order of the document analysis and verification by banks (information) on financial transactions and their participants (hereafter - the Order). In particular, the list of indicators of risk operations, as well as change some existing ones. Just would like to draw your attention that prior to the adoption of the above order, the identification of risk transactions were settled a few officials of the National Bank of Ukraine letters.
This Procedure adopted in order to prevent the commission of risky activities by banks, threatening the interests of depositors or other creditors of the bank and increase the effectiveness of risk management. It should be noted that the provisions of the Order are binding on all banks in Ukraine, as well as all the branches of foreign banks in Ukraine.
On the basis of the provisions of the Order, any bank is obliged to provide a comprehensive analysis and verification of documents (information) on financial transactions...
June 7, 2016 the National Bank of Ukraine approved the Decree № 342 "On the settlement of the situation in the monetary and foreign exchange markets of Ukraine" (hereinafter - the "Regulation"), according to which continues a gradual mitigating the regime of currency regulation in Ukraine.
Thus, according to the provisions of the Regulation:
lowered from 75% to 65% the limit of the mandatory sale of revenues from abroad to accounts in foreign currency;
twice increased the purchase limit of cash currency - from 6 to 12 thousand UAH per day;
twice increased the issuance limit (receipt) cash from current and deposit accounts in foreign currency or banking metals - from 50 to 100 thousand UAH per day;
abolished the restrictions on the volume of cash in national currency, which still amounted to 500 thousand UAH per day.
In addition, the Resolution established limiting sizes and conditions for foreign currency transfers. For transfers that do not exceed the equivalent of 15 thousand UAH per day, can be performed without confirming documents and do not require the account opening. If the transfer of foreign currency exceeding the equivalent of 15 thousand UAH, it can be done...