Trends in the development of financial monitoring in Ukraine

Abstract

In the current conditions of martial law, monitoring of funds in Ukraine has acquired a qualitatively new meaning. The strengthening of European integration processes over the past three years has become of particular importance. We note that today financial monitoring takes place in the form of control over the financial transactions of organizations and individuals. It should be noted that today the formation of professional competencies of personnel of primary financial monitoring entities (for example, banking institutions or insurance companies) is gaining particular importance, since the quality of analytical judgment is becoming a determining factor in the effectiveness of the system. Thus, the development of the financial monitoring system should be aimed at strengthening supervision over non-banking institutions and the widespread use of modern analytical technologies. Such development should take place in the context of harmonizing the national system for combating money laundering/terrorism financing with European standards.