The National Bank of Ukraine intends to impose requirements on non-banking institutions engaged in performing currency exchange operations regarding the transparency of the ownership structure.  The requirements are expected to be similar to those imposed on banks.

“The National Bank has not issued a single license for foreign exchange transactions over the past two years.  It is a very complicated market that has the potential to directly influence the country's financial stability. Recently, there have been numerous reports   about facts of corrupt practices related to the “grey” or “black” FX market, fraudulence, etc.  Therefore, we intend to address these issues by the end of the year through the imposition of requirements on such institutions to ensure adequate ownership structure transparency,” said First Deputy Governor of the National Bank Oleksandr Pysaruk. 

According to him, additional requirements will be imposed on non-banking institutions, including requirements regarding the capital, the transparency of the ownership structure, and business reputation of the owners. The National Bank pays much attention to enhancing the security of foreign currency exchange booths and their clients – the requirements to the premises, the security of cashier's offices and safe boxes will be tightened. In addition, each foreign currency exchange booth should be equipped with a cash register.

“These are the next steps to be taken by the National Bank to ensure the transparency and stability of Ukraine’s financial system. We can see considerable progress made towards greater transparency of banks and we plan to apply this experience to related markets.

Presently, four non-banking institutions engaged in performing currency exchange operations operate in Ukraine through the network of 1,850 outlets.