The National Association of Insurers continues the joint search with stakeholders for ways to simplify financial monitoring by insurers while maintaining the obligation to achieve its objectives.
Currently, NAIU is grateful for the NBU’s support for the initiative to increase the limits on the volume of financial transactions carried out by PEP through the institution, from 200,000 UAH per quarter to 400,000 UAH per month.
The initiative of the NBU embodied in the NBU Resolution will ensure the same standards of financial monitoring for banking and non-banking institutions, as well as contribute to improving the efficiency of financial monitoring and reducing the burden on non-banking institutions, which will allow insurers to focus on the main aspects of their activities.
NAIU welcomes the Regulator’s understanding of the needs of insurers and will continue to jointly find ways to preserve the balance between business and the state.
The National Risk Assessment carried out by the State Financial Monitoring Service of Ukraine confirmed the classification of the most common types of insurance (CASCO, MTPL) as low-risk, which makes it possible, under favorable circumstances, to consider the issue of establishing simplified approaches to financial monitoring of certain types of insurance, and, following the FATF Recommendations, to exclude risk insurance activities in the future on the types of activities of financial institutions that are subject to FATF requirements.
Specialists of the members of the Association, who are part of the Financial Monitoring Committee of NAIU, thanks to constant professional development and exchange of experience in the Association, currently make up the vanguard of finmon in insurance, which gives confidence in the necessity of achieving the best results together.
