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Banks Obtain Right to Entrust to Third Parties Identification and Verification of Individuals Opening Accounts

28 December 2018

 

The National Bank of Ukraine (NBU) has granted the right to third parties to carry out identification and verification of individuals when opening bank accounts.

 

This will help optimize the system of individuals’ identification and verification and enhance financial inclusion and the availability of financial services.

 

In particular, banks have obtained the rights to:

 

      use retail customers’ identification data received from another bank through the NBU BankID system. A bank opening an account and a bank being an identifying subscriber have to conclude a corresponding agency agreement. The identification procedure is provided for by the NBU regulations on financial monitoring and operation of the NBU BankID system.

 

      delegate identification and verification of retail customers to resident legal entities, resident sole proprietors, and resident individuals (agents) on a contractual basis. The procedure for such identification and verification is provided for by the NBU regulation on financial monitoring.

 

In addition, the NBU has:

      enabled money transfers in domestic currency from the current account of a resident individual to the current account of a nonresident individual when the nonresident individual sells their own property to the resident individual within Ukraine if such property is not a target of investment into Ukraine

      canceled the requirement for a self-employed individual to submit to a bank a copy of the document that confirms registration with an agency of the Pension Fund of Ukraine

      granted individuals the right to credit current accounts with funds from redemption of inherited savings certificates (of deposit) and interest accrued on them

      set the requirement for foreign representative offices that use hired labor and are payers of the unified social contribution to submit to a bank a copy of the document that confirms their registration with a relevant controlling body

      established regulation of FX settlements between a resident individual and a primary dealer under operations to place Ukrainian domestic government bonds denominated in domestic currency.

 

The respective provisions are stipulated in NBU Board Resolution No. 159 On Approval of Amendments to the Procedure for Opening, Usage, and Closing of Accounts in Domestic and Foreign Currencies dated 28 December 2018.

 

This document comes into effect on 29 December 2018.


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Last modification   28.12.2018