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National Bank of Ukraine Streamlines the Procedure for Issuing Individual FX Licenses

27 April 2018

Press Release

 

The National Bank of Ukraine (NBU) has streamlined the FX operations licensing procedure for banks, households and businesses.

 

First, the NBU has simplified the electronic licensing procedure for retail FX operations.

 

Thus, the list of documents required for licensing now covers an option to submit documents on sources of funds associated with business activities or sale of movables and/or real estate (tax declaration of the unified flat rate taxpayer i.e. sole proprietor, agreement on sale of movables and/or real estate). Please bear in mind that an individual can receive an e-license regardless of being a sole proprietor, if the purpose of licensing is to transact non-business operations.

 

Also, the procedure for e-licensing has been regulated for funds that are community property of a married couple. For that purpose, either spouse can take into account the income of the other spouse to confirm sources of funds, provided said income is part of their community property.

 

Second, banks are now authorized to deposit currency valuables abroad with no individual license required to any of their accounts, and not just to correspondent accounts as before.

 

Third, the NBU has introduced a special clause to the common compliance procedure with the maximum interest rate on foreign loans/borrowings in foreign currency. The special clause is applicable to funds that resident borrowers take out from nonresidents for project lending implemented (in the form of a guarantee, insurance, surety) by foreign states similar to the special clause applied to project lending involving export credit agencies.

 

Furthermore, the NBU adjusted the list of documents required for an individual license to deposit funds abroad for legal entities and sole proprietors. Documents added to the list contain information on accounts opened by the resident in authorized banks and its ownership structure and ultimate beneficial owners.

 

Said actions will foster the individual FX licensing and expand access to foreign lending resources for residents.

 

This was approved by NBU Board Resolution No. 45 On Amendments to Some Regulatory Documents of the National Bank of Ukraine dated 26 April 2018. The Resolution enters into effect on 28 April 2018.

 


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Last modification   27.04.2018