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National Bank of Ukraine Inspects 264 Foreign Exchange Bureaus in Q1 2018

19 April 2018

Press Release

 

In Q1 2018, the National Bank of Ukraine (NBU) inspected 264 units of non-bank financial institutions (NBFI) on compliance with organizing and transacting FX operations.

 

Inspections were held in Kyiv city, as well as in Odesa, Kharkiv, Ivano-Frankivsk, Zakarpattia, Lviv, Volyn, Khmelnytskyi, Rivne, Chernivtsi, Vinnytsia, Kherson and Poltava oblasts of Ukraine.

 

According to violations found during inspections of non-bank financial institutions’ units, letters were addressed to CEOs of respective financial institutions requesting to explain and correct discovered violations.

 

During inspections of legal foreign exchange bureaus in Q1 this year the NBU identified 11 foreign exchange bureaus that were operating illegally in Kyiv city, Zakarpattia, Kharkiv, Lviv and Rivne oblasts.

 

The NBU has passed on the information on illegal FX bureaus to the law enforcement agencies.

 

In Q1 2018, the NBU cooperation with economy protection units of the National Police of Ukraine in Kyiv city, Kyiv oblast, Lviv oblast, and Zakarpattia oblast proved to be most effective, that reported to the NBU on efforts taken to shut down operations of illegal FX bureaus.

 

Information on illegal FX bureaus with respective photographs have been published on the official web-site of the National Bank of Ukraine in the section Illegal Foreign Exchange Bureaus (Ukrainian version).

 

Further details on NBU general licenses issued to non-bank financial institutions can be found on the official NBU web-site in the search engine Information on Licenses Issued to Non-Bank Financial Institutions and Other Legal Entities (except banks) (Ukrainian version).

 

Resolution of the NBU Board No. 962 dated 1 July 2016 prescribes the operating of the Register of Premises licensed to transact foreign exchange operations or render other financial services using domestic and foreign currency cash.

 

Please be reminded, in 2017, the NBU inspected 1018 units (foreign exchange bureaus) of non-banking financial institutions (NBFI).


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Last modification   19.04.2018