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NBU Clarifies Procedure for Identification of Banks’ Related Parties

27 November 2018


With a view to increasing the efficiency of how the related party operations are managed, the National Bank of Ukraine (NBU) allowed for commercial banks to establish their own procedure for approving the list of bank’s related parties.


In addition, the NBU set the term for a bank to identify the relatedness of a party in the statistical reporting under the NBU’s decision, as well as the procedure for determining that the party is unrelated if it looses the related party attributes over time.


According to the approved changes, the bank has to request the NBU to confirm the loss of the relatedness by a party that was declared related by the NBU, but lost the related party attributes over time, in order to obtain the approval to exclude such party from the list of bank’s related parties.


The request has to be reasoned, that is, the fact that a party ceased being related has to be documented.


The relevant amendments were approved by NBU Board Resolution No. 125 On Amendments to the Regulation on Identifying the Bank’s Related Parties dated 26 November 2018. The Resolution shall come into effect on 28 November 2018.




Last modification   27.11.2018