Panasiuk Yulia

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Case: Successful completion of financial monitoring and unblocking of the account in Monobank

Tax practice
Reading time: 3 min.

Client: Maria (Monobank client)

Subject matter: confirmation of the origin of funds for Monobank

Leading attorney: Yulia Panasiuk

Successful completion of financial monitoring and unblocking of the account in Monobank Case circumstances

Maria, a client of Monobank, who was faced with a financial monitoring problem, contacted the law firm “Prikhodko & Partners”. The bank requested documents from her to confirm the origin of funds, warning that if the necessary information was not provided, the account could be blocked and the business relationship could be terminated.

The situation was complicated by the fact that Maria did not know:

  • what documents she needed to provide;
  • how to properly argue the legality of her financial transactions;
  • what risks could arise in case of incorrect communication with the bank.

Not having a clear strategy of action, she turned to us for legal assistance.

Successful completion of financial monitoring and unblocking of the account in Monobank Why do such situations arise?

Financial monitoring is a mandatory procedure carried out by banks in accordance with:

  • The Law of Ukraine “On Prevention and Counteraction to the Legalization (Laundering) of Proceeds of Crime”;
  • NBU Resolutions on Financial Monitoring;
  • FATF Recommendations (Financial Action Task Force on Money Laundering).

Banks verify clients and their financial transactions if:

  1. the transaction amount exceeds UAH 400,000 (or UAH 30,000 in the case of cash transactions);
  2. there are regular transfers of large amounts from non-residents;
  3. there is a suspicion of inconsistency of financial flows with declared income;
  4. the client is an individual entrepreneur or has a high level of risk according to the bank’s classification.

Successful financial monitoring and account unblocking at Monobank

Solution

Our experienced tax lawyer analyzed Maria’s financial history in detail, identified possible risks, and prepared comprehensive explanations for the bank, which included:

  • Documentary confirmation of sources of funds that complied with the current legislation of Ukraine.
  • Legally substantiated explanations for financial transactions that excluded the possibility of suspicion of illegal income.
  • Additional explanations for the bank to prevent future inquiries and avoid potential account blocking.

Successful completion of financial monitoring and unblocking of the account in Monobank Result

Thanks to a properly constructed legal position, Monobank recognized the legality of the client’s financial transactions, unblocked the account, and Maria was able to continue using banking services without hindrance.

 

Don’t know what to do in the event of a request from the bank? Lawyers and tax attorneys at Prikhodko & Partners are a team of experts who regularly deal with blocking accounts, writing explanations and confirming the origin of funds for clients, so they know exactly how to solve your problem with financial monitoring. Contact us for a consultation: +38 (073) 007-44-45

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