The State Financial Monitoring Service will review large cash transactions: what they will be looking for
11 May 19:32
The State Financial Monitoring Service of Ukraine is beginning to conduct separate analyses of large cash transactions. This was announced by Philip Pronin, head of the State Financial Monitoring Service, according to "Komersant Ukrainian".
He noted that they will not be checking everyday purchases or ordinary savings of citizens, but rather large sums used to purchase high-value assets: expensive real estate, luxury cars, and other premium-segment property.
“To understand the scale: a luxury car costing $100,000 is over 4.3 million hryvnia and about 1,600 times the minimum pension. Therefore, when such purchases are paid for in cash, the question of the funds’ origin is not a formality but a necessity,” Pronin wrote.
A separate risk indicator has been identified in cases where cash is deposited through various banking institutions with the reuse of the same income documents. The agency analyzes the full picture: amounts, frequency, links between transactions, and the actual source of funds, rather than isolated transaction fragments.
“We are constantly cooperating with banks in this area. Cash in itself is not a violation. But when it comes to significant amounts for the purchase of expensive property, the origin of these funds must be clear and verified,” added the head of Finmonitoring.
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As a reminder: over 1.4 million reports on financial transactions subject to financial monitoring were received by the State Financial Monitoring Service during the first three quarters of 2025. This is 10% more than during the same period last year.
In 2024, the State Financial Monitoring Service received 1,750,940 reports on financial transactions subject to financial monitoring. This is 23% more than the previous year.
According to the official website of the Ministry of Finance of Ukraine, the tasks and functions of the State Financial Monitoring Service are defined by the Law of Ukraine “On Preventing and Combating the Legalization (laundering) of proceeds from crime, the financing of terrorism, and the financing of the proliferation of weapons of mass destruction” and the Regulations on the State Financial Monitoring Service of Ukraine, approved by Resolution of the Cabinet of Ministers of Ukraine No. 537 dated July 29, 2015.
The key tasks of the State Financial Monitoring Service are:
- implementing state policy in the field of preventing and combating the legalization (laundering) of proceeds from crime, the financing of terrorism, and the financing of the proliferation of weapons of mass destruction;
- conducting analysis (operational and strategic) of information on financial transactions subject to financial monitoring;
- conducting a national risk assessment;
- ensuring, in accordance with established procedures, Ukraine’s representation in international organizations on issues related to the prevention and counteraction of money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction.
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