16 June 2017
The National Bank of Ukraine starts
issuing e-licenses for FX transactions. Individuals (except for
entrepreneurs) will be able to obtain individual licenses (e-licenses) for FX
transfers abroad to perform FX transactions through authorized banks.
An individual will be able to transfer foreign currency
abroad up to the equivalent of USD 50,000 per one calendar year on the basis of an e-license.
E-licenses will allow individuals to transfer foreign
currency abroad within the set limits to perform three types of FX
depositing funds in their own accounts abroad; and
Transactions at the fulfilment of obligations to non-residents arising from
life insurance contracts.
In order to issue licenses and collect information about
the compliance of individuals with the set limits, the NBU establishes a Register
of individual licenses for FX transactions,
an automated information system (AIS).
To obtain an e-license, an individual has to apply for a
license to any authorized bank where he holds an account and submit, either on
paper or electronically, the following documents:
an application form for an-license to be submitted to the NBU;
documents proving that an individual’s income is sufficient to make FX
transfers on the basis of an e-license;
originals or copies of documents the purpose of
FX transfers abroad, except for cases when foreign currency is transferred to
the individual’s own accounts.
If an authorized bank establishes that information
submitted by the applicant is satisfactory and meets the regulatory
requirements, it will send this information to the NBU electronically via the
AIS so that the latter will issue an e-license to an individual. Upon this
request, the NBU will automatically issue an e-license to the individual by
making an entry in the AIS. The bank will notify the customer of the issuance
of a license.
The simplified rules governing the issuance of e-licenses
will make it easier for individuals to perform FX transactions and speed up
these transactions. At the same time, according to NBU estimates, the volume of
these transactions will
have no significant impact on the FX market.
This system is approved by NBU Board Resolution No 54 of 15 June
2017 On Amendments to Some NBU Regulations. Individuals will be
able to obtain licenses via this system from 3 July 2017.