Customer Due Diligence Inside the Ukrainian Crisis – Challenges and Solutions

Featured Speakers :
WHEN : 07/12/2022 10:00 am ET

Complimentary webinar, presented by the ACFCS CEE Chapter

Millions of refugees fleeing war arrived to Europe seeking safety, and we witnessed how the EU and Central and Eastern Europe came together to help amid the Ukrainian crisis.

The European Banking Authority (EBA) issued a statement on financial inclusion in relation to Ukraine on April 27th, 2022 which sets out steps and requirements for EU financial institutions providing access to banking services for refugees. The financial services sector can postpone the application of initial customer identification measures to a later date to ease the access. The customer due diligence requirements also changed to reflect the new situation. With every sudden change, particular challenges are brought along.

Despite the ease in certain measures, compliance professionals must remain vigilant as serious and organized crime threats linked to the war in Ukraine have been identified by Europol, including human trafficking, online fraud, cybercrime, and firearms trafficking.
Additionally, the sanctions landscape is in constant change, and this means compliance should be on the lookout for obfuscation and sanctions evasion.

The participants of the panel discussion from Poland, Ukraine, and the Baltics will highlight the latest challenges and applied solutions in this field, bringing expertise from banking, money remittance services, and the fintech community as well.

To provide more context from the practice, a representative from an Ukrainian RegTech service provider, YouControl will also join the panel. We will introduce their customer identification apps, namely “YouControl People” which is used nationwide by the local authorities and financial institutions. We will touch on the applicable digital AML/KYC solutions within Ukraine, like the “TiKto” application, which was developed by volunteers to identify saboteurs and the comprehensive PEP database collected locally by a local non-gov organization helping customer risk management.

In this webinar you will learn:

  • How do the CDD measures change under the pressure of the current situation?
  • What are the solutions applicable?
  • How digital ID verification solutions can help?
  • What financial crime risks arise, especially in connection with the ongoing crisis in Ukraine?