The National Bank of Ukraine is moving ahead with its efforts to undertake a comprehensive reform of its organizational structure and governance processes.
As part of this process, the regulator revises and streamlines the functions of some of its structural subdivisions.
Thus, the functions of exercising control over banks, other financial institutions and the national operator of postal service, which were previously performed by the Foreign Exchange Operations Control, Methodology and Licensing Department and NBU regional offices, have been transferred to the Financial Monitoring Department.
The changes were made with a view to centralizing the functions and avoid duplication of functions performed by the structural subdivisions and were approved by NBU Board Resolution No 255, dated April 15, 2015 On Amendments to Some NBU Regulations (hereinafter – Resolution No 255).
In addition, Resolution No 255 has specified the frequency of scheduled on-site inspections conducted by NBU authorized employees to verify the compliance of banks and financial institutions with the requirements of the foreign exchange legislation of Ukraine.
Resolution No 255 has amended the Regulation on foreign exchange control, the Regulation on the exercise of control by the authorized banks over foreign exchange operations conducted through these banks by residents and non-residents against which special sanctions were applied in compliance with Article 37 of the Law of Ukraine on Foreign Economic Activities, the Regulation on the rules governing the conduct of off-site inspections to verify compliance of banks, other financial institutions and the national operator of postal service with the requirements of the foreign exchange legislation of Ukraine and inspections of currency exchange offices operating in Ukraine.
Resolution No 255 enters into force on the day following its official publication (from April 18, 2015).
As a side note, earlier the National Bank of Ukraine Board adopted a decision to establish the Registration and Licensing Department that has taken over some functions previously performed by the Foreign Exchange Operations Control, Methodology and Licensing Department.