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National Bank of Ukraine has Changed the Current Rules for Inspections on Compliance with the Requirements of Currency Legislation

30 November 2018

 

The NBU has changed the current rules for inspections of banks, other financial institutions, the national postal operator for compliance with the requirements of the currency legislation of Ukraine and the procedure for revoking general licenses for foreign exchange transactions from banks.

 

In order to unify the NBU regulatory acts and directives, and to enhance the procedure for the implementation of the currency control and licensing by regulator, it has been established that:

-         NBU directive (not the NBU ordinance) is the ground for carrying out an unscheduled on-site inspection by the authorized employees of the regulator on the compliance with the currency legislation of Ukraine by the bank, another financial institution, the national postal operator;

-         the withdrawal of general licenses for FX transactions from banks will be carried out on the basis of a decision of the NBU Board instead of NBU ordinance on general license revoking.

 

This Resolution amends:

-         Regulation on Procedure for On-Site and Off-Site Inspections with Regard to Adherence to the Requirements of FX Laws and Regulations by Banks, Other Financial Institutions, National Postal Operator, and Inspections of Currency Exchange Offices in the Territory of Ukraine, approved by NBU Board Resolution No. 338 dated 21 September 2007.

-         Regulation on the procedure for providing banks and branches of foreign banks with general licenses for foreign exchange transactions, approved by NBU Board Resolution No. 281 dated 15 August 2011.

 

 The relevant amendments were approved by NBU Board  Resolution No. 131 On Amendments to Some NBU Regulations dated 28 November 2018, coming into effect on 1 December 2018.

 

 


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Last modification   30.11.2018