How to avoid getting under financial monitoring?

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How to avoid getting under financial monitoring?

Reading time: 3 min.

We have repeatedly analyzed situations related to financial, threshold amounts, and risky transactions. Now we suggest that you consider the procedure of actions that you should take and refrain from in order to protect your accounts from excessive attention of financial monitoring authorities.

In today's world, where financial activity is a necessary part of everyday life, it is becoming more difficult to avoid financial monitoring. However, there are several steps that can help you avoid falling under financial control.

Avoid repeating a large number of transactions

Financial institutions pay attention to systematic and repetitive transactions. Increase the uniqueness of your activity by avoiding frequent repetition and regular transfers.

Minimize the size of transactions and increase them gradually

Smaller transactions attract less attention and reduce the likelihood of detection and application of financial monitoring measures. Gradually increasing the amount of transactions will reduce the risk of becoming "interesting" for the bank.

Understand business risks

If you are an entrepreneur, discuss the possible risks with your lawyers in advance. This will allow you to plan your activities in such a way as to minimize the possibility of falling under financial monitoring and predict the priority and subsequent actions to pass it.

You should take care of the availability of documents confirming your transactions in advance.

Keep reasonable intervals between transactions

This rule is more advisory, as the specifics of your business may not always allow you to choose the time and frequency of financial transactions. Nevertheless, you should avoid too short intervals between financial transactions whenever possible. Long breaks help to avoid systematicity, which can arouse suspicion.

Careful planning, understanding of the risks and the variety of transactions can help protect you in this process.


Keep accounting documents

The tax legislation currently allows entrepreneurs who are on the simplified taxation system not to keep full-fledged accounting records, limiting themselves to income accounting. At the same time, it is the availability of accounting documents on business transactions and funds received that in most cases saves the day during the inspection of financial monitoring entities. That is, the storage of contracts, invoices, acts, invoices in the future gives you the opportunity to pass inspections easier and faster.

Prikhodko & Partners Law Firm is ready to analyze aspects of your business, analyze and provide its conclusions and advice to minimize the risks of falling under such control measures. To get advice or legal assistance on financial monitoring issues, please fill out the form on our website and we will contact you shortly.

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