The National Bank of Ukraine (NBU) has obliged banks to submit reports on risk management and its assessment in the financial monitoring area every quarter, the regulator has reported on its website.

The decision is outlined in NBU resolution No. 920 of December 23, 2015. The document took effect next day after its publication.

According to the document, the regulator also increased the largest term for scheduled onsite checks from 20 day to 30 days.

"The resolution was drawn up as part of joint work with the International Monetary Fund on the introduction risk-focused tools of onsite and remote oversight in the financial monitoring area at the NBU," the bank said.

The central bank said that the bank will assess risks of using banks' services for money laundering, terrorism financing and the proliferation of weapons of mass destruction.