On November 25, 2015, the Board of the National Bank of Ukraine issued Resolution No. 815 On Amendments to Some Regulations of the National Bank of Ukraine  (hereinafter – Resolution No. 815).

The aforementioned Resolution is intended to streamline the procedure for applying enforcement measures to payment institutions, participants in payment systems and payment infrastructure service providers that are subject to supervision (oversight).  This Resolution is designed to ensure control over compliance with the NBU regulations.

In case of violation of the requirements set forth in the NBU regulations obliging banks, nonbanking financial institutions and the National Postal Operator to terminate financial operations, the National Bank shall be authorized to apply a series of enforcement measures to them.

In addition, in case of violation of the requirements set out in the applicable laws on funds transfer, the National Bank of Ukraine shall be authorized to suspend for a period of up to one year a license for transferring national currency without opening accounts granted to a nonbanking financial institution. Hitherto, the NBU’s mandate was limited to revoking or annulling a license granted to a nonbanking financial institution.

Resolution No. 815 comes into force from November 26, 2015.