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NBU Strengthens Payment Systems Oversight

12 June 2018

 

 

The National Bank of Ukraine strengthens oversight of the payment systems operations, payment systems participants and payment infrastructure operators.

 

On 7 June 2018, the NBU Board adopted the respective Resolution No. 61 On Amendments to Certain Regulations of the National Bank of Ukraine (hereinafter – Resolution No. 61).

 

Resolution No. 61, inter alia:

sets requirements to the organizational and technical measures to be taken in order to ensure payment system business continuity

simplifies requirements to the information, that the entity subject to oversight shall display at their cash acceptance/payment points

improves requirements to the information, that the entity subject to oversight shall publish at their official websites, on self-service kiosks’ displays, and at cash acceptance/payment points that they use

defines content of the information, that the entity subject to oversight shall record after each business continuity incident, and the procedure for submitting it to the NBU

improves requirements to the record keeping on each money transfer transaction made in the payment system

requires each entity subject to oversight to have its own official website

brings provisions of the Regulation On the Supervision (Oversight) of Payment Systems and Settlement Systems in Ukraine in line with Article 581 of the Economic Code of Ukraine regarding the use of the stamp.

 

Resolution No. 61 also defines some additional rights and obligations of the authorized NBU employees regarding receipt and return of the documents and materials while carrying out on-site inspections, and establishes a legal framework for delivering the first copy of the inspection report to a person in charge of the inspected entity, if it is impossible to hand it over directly.

 

As a side note, according to the Law of Ukraine On Payment Systems and Money Transfer in Ukraine, payment system oversight is an activity of the National Bank of Ukraine aimed at ensuring continuous, safe and effective operation of payment systems that includes:

payment systems monitoring

payment systems assessment with respect to compliance with requirements of Ukrainian laws and international standards for payment systems oversight

if needed, giving instructions and recommendations on improving the operation of respective systems and application of corrective measures.

 

The objects of the payment systems supervision (oversight) are payment institutions of payment systems, clearing and processing entities, payment systems’ participants, and other entities authorized to render certain services or carry out operational and other technical functions within the payment systems.

 

For reference

Resolution No.61 amends:

Regulation On the Procedure to Conduct Inspections on Compliance by Oversight Objects with the Requirements of the Laws of Ukraine on Payment Systems in Ukraine approved by NBU Board Resolution No. 503 of 9 December 2013

Regulation on the Application by the National Bank of Ukraine of Enforcement Measures for Violation by Entities Subject to Supervision (Oversight) of the Laws Regulating Payment Systems Operating in Ukraine approved by NBU Board Resolution No. 524 of 19 December 2013

Regulation On Payment Systems and Settlement Systems Oversight in Ukraine, approved by NBU Board Resolution No. 755 of 28 November 2014.

 


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Last modification   12.06.2018