Accounting Outsourcing for Financial Institutions

The financial services market in Ukraine is represented by:

banks;
insurance companies;
non-state pension funds;
credit unions;
pawnshops;
investment companies;
leasing companies.

Accounting in a financial institution can be carried out in several ways:

the chief accountant of a financial institution – the chief accountant who heads the established accounting department in a financial institution;
a staff accountant of a financial institution, if the financial institution does not have an accounting department headed by a chief accountant, or a person who replaces him/her;
a person entrusted with maintaining accounting on a contractual basis, such as: a freelance accounting specialist registered as an individual entrepreneur conducting business activities without creating a legal entity, and an accounting specialist of a centralized accounting office or an auditing firm.

Professional requirements now apply to managers and chief accountants of the following financial institutions:

insurers;
credit unions;
pawnshops;
other financial institutions.

The chief accountant of a financial institution, except for enterprises of public interest, must meet the following requirements:

have a higher education not lower than a bachelor’s degree;
undergo advanced training and pass an exam for compliance with the professional requirements under the standard program of advanced training for chief accountants, prepared according to the type of activity of the financial institution and approved by the National Commission for State Regulation of Financial Services Markets, with a duration of at least 72 hours;
have at least three years of experience in a managerial position in the field of finance and/or accounting or experience in financial services markets in positions related to financial or accounting activities.

The manager and the chief accountant must have an impeccable business reputation (a person does not have an impeccable business reputation if they have the indications defined in p. 22 of the Licensing Conditions for conducting business activities on the provision of financial services (except for professional activities in the securities market), approved by Resolution of the Cabinet of Ministers of Ukraine dated December 7, 2016, No. 913).

We suggest you use the services of our specialists for the accounting of your financial company.

The employees of LLC “First Legal” are certified by the “Kyiv Intersectoral Institute for Advanced Training” for compliance with the professional requirements for individuals holding the position of chief accountant of financial companies providing financial services of granting funds on loan, including on the terms of a financial credit, providing financial leasing services, providing factoring services, providing guarantees and sureties, and administering financial assets for the purchase of goods in groups.

FOCUS ON BUSINESS, AND LEAVE THE ACCOUNTING TO US