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NBU Prepares Memo for Bank Clients on Introduction of IBAN

The National Bank of Ukraine (NBU) has prepared a memo for bank clients on the introduction of the international bank account number (IBAN) in Ukraine.

The NBU also recommends that banks inform their clients about this document.

 

According to the document, bank clients will do as follows:

 

     Starting from 5 August 2019, they will receive information from their bank about the change of an active account in accordance with IBAN standard to inform their counterparties and to include it in their payment details.

At the same time, changes to active account numbers, in accordance with the IBAN standard, will cause no amendments to agreements (agreements on bank accounts / on settlement and cash servicing / on bank deposit, etc.).

 

     Starting from 5 August 2019 and until 31 October 2019, documents on money transfer may contain payment details such as bank code and account number in any options.

Payment details in money transfer documents may contain either the account number and bank code of a payer/recipient or only the IBAN number of a payer/recipient.  When payment details contain an IBAN account number, the line with the bank code of a payer/receipient should contain a zero.

 

     Starting from 1 November 2019, payment details of a payment document should give an account number only under the IBAN standard.

 

At the same time, Ukrainian banks will do as follows:

 

     Starting from 5 August 2019:

open accounts (current, deposit) and escrow accounts only in accordance with IBAN standards

apply the IBAN standard to client account statements on the date of their opening an account and based on the amount on the active account before changing the account to the IBAN standard (account history), with further confirmation of operations on any date after the changing of an active account to the IBAN standard

execute documents on the seizure of funds / forced writing-off / charging of funds regardless of the account number stated in documents (regarding accounts that were active before or after the switch to the IBAN standard)

 

     Starting from 5 August 2019 until 31 October 2019:

accept documents on money transfers to be executed / credit an account of the recipient with payment details in line with the options preferred by the payer client

inform the controlling authorities about changes under the IBAN standard to the active accounts of clients that are economic entities

submit a list of accounts under the IBAN standard (without clients having to submit applications) to the Pension Fund of Ukraine / social security authorities.

 

 

N.B: on 5 August 2019, Ukraine is introducing IBAN international bank account numbers, which consist of 29 alphanumeric characters.

 

Starting from 1 November 2019, using an IBAN number will become mandatory for all Ukrainian banks when performing money transfers in domestic and foreign currencies, including cross-border transfers.  That means that after 1 November 2019 all money transfers will be executed only through the use of an IBAN number.

 

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