On November 20, 2015, the National Bank of Ukraine issued general licenses for foreign exchange transactions (currency exchange operations) to eight non-bank financial institutions.
Licenses were granted to the following companies:
- Octave Finance Financial Company LLC;
- Standard Finance Group LLC;
- Financial World Financial Company LLC,
- Magnate Financial Company LLC;
- Pride Financial Company LLC;
- Smart Finexpert LLC;
- Conversion Financial Company LLC;
- Alfa-Invest Group Financial Company LLC.
Last week the National Bank held a meeting with representatives of non-bank currency exchange offices. During the meeting, the participants discussed the requirements set by the National Bank of Ukraine, including the ownership structure transparency requirements, higher capital and reporting requirements, as well as requirements obliging currency exchange offices to use cash registers (CR), enhanced physical security requirements for premises. The new requirements are expected to be approved by end-2015.