“Preparation for financial monitoring Photo – Getty Images Tax expert Viktoria Velichko emphasized that this is a normal procedure in accordance with the Law on Financial Monitoring. If the transaction seems strange or unclear, the bank asks the client to provide an explanation: who made the payment, for what specifically, on what basis. In her post on Instagram, she provided a list of factors that could cause suspicion. […]”, — write: businessua.com.ua
Preparation for financial monitoring Photo – Getty Images
Tax expert, Victoria Velichko, emphasized that this is a normal procedure in accordance with the Law on Financial Monitoring. If the transaction seems strange or unclear, the bank asks the client to provide an explanation: who made the payment, for what specifically, on what basis. In her post on Instagram, she provided a list of factors that could cause suspicion.
What can attract the attention of the bank’s financial monitoring:
- A large number of transfers between the personal card and the FOP account. Frequent transactions “personal ↔ FOP”, identical amounts, returns on the same day may cause increased attention. The expert advises to transfer funds from the personal card to the FOP account with the indication of the payment destination “deposit of personal funds”, and from the FOP to the personal account – “payment of business profit”. It is better to “distill” funds less, and to have evidence of their origin.
- Purpose of payment such as “payment/fee/facilitation” without clarification. The key words are: “payment”, “fee”, “for assistance”. It is correct to indicate what + for what (agreement / account number, date) + details (+VAT / without VAT) in the payment subject. For example: “Consultation 60 minutes, contract No. 12 dated 15.09, without VAT”; “Product Model X, account No. 45 dated 20.09, 2 pcs.”
- Regular listings from platforms/marketplaces. Make sure you have the offer / agreement, screenshots from your personal account, acts / platform report, bank statement.
- Withdrawal of large amounts of cash without checks/money orders.
- Sudden increase in income without justification (new advertising campaign, large contract, etc.).
How to prepare for financial monitoring to be calm
- Keep personal funds and FOP finances separate.
- Specify the purpose clearly: what exactly + for what + number/date (eg, “Consultation services, contract No. 12 dated 15.09, without VAT”).
- For payments from platforms, keep the offer/agreement, screenshots from your personal account, platform report, bank statement in one place.
- Withdraw cash only for specific needs and keep documents (cheques, Z-reports).
Are you ready for the attention of financial monitoring: a mini-assessment
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