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Financial Monitoring Department
A separate unit, the Financial Monitoring Department has been established to conduct day-to-day management of financial monitoring activities in order to prevent the Bank’s involvement into money laundering or other suspicious transactions.
The Department functions include monitoring of financial operations of the Bank’s clients for detecting any financial transaction that may be connected with money laundering as well as respective informing of the state financial monitoring agencies about such operations. The Department also co-ordinates financial monitoring efforts of the Bank’s units and branches and revised compliance by such units with financial monitoring requirements. The Department is authorised to request clarifications of the issues related to compliance with financial monitoring requirements from any employee of the Bank disregard his/her position.
The Chairman of the Board of the JSC Ukreximbank supervises the Financial Monitoring Department. Deputy heads of branch have been appointed as officers in charge of anti-money laundering procedures.
The Bank has produced a number of internal documents that include detailed descriptions of procedures relating to every sphere of financial monitoring.
Internal Audit Division
The Bank’s internal audit body is the Internal Audit Division. The Internal Audit Division monitors the Bank’s compliance with Ukrainian legislation, NBU regulations and Basel Committee regulations, reviews reports of external auditors and sends summary reports to the Bank’s Supervisory Council regarding the financial security and stability of the Bank and protection of its customers. The Bank’s Internal Audit Division ensures that the Bank’s policies conform to current legislation and regulations as well as to professional norms and ethics.
The system of internal controls for which the Internal Audit Division is responsible includes operations, accounting practices, taxation, regulatory compliance, documentary compliance, risk management and IT systems.
The Internal Audit Division regularly inspects the integrity, reliability and legality of the operations conducted by the Bank’s departments, analyses and reports on risks connected with the introduction of new services or products and regularly reviews the reliability of the Bank’s IT systems. It also monitors the conformity of the Bank’s accounting practices to Ukrainian accounting rules, and checks the conformity of aggregate accounting statistics with primary document data. The Internal Audit Division also monitors the Bank’s internal controls and reporting procedures.
The head of the Internal Audit Division reports directly to the Chairman of the Board and addresses summary memoranda to the Supervisory Council every quarter.
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