In view of the recently enacted legislative changes, the National Bank of Ukraine has drafted amendments to the Instruction on the procedure of Opening, Use and Closing of Accounts in Domestic and Foreign Currencies  (hereinafter – Draft Instruction).

The Draft Instruction has been developed in an effort to simplify doing business in Ukraine.

In particular, the Draft Instruction is intended to align the  Instruction on the Procedure of Opening, Use and Closing of Accounts in Domestic and Foreign Currencies approved by NBU Board Resolution   No. 492,  dated 12 November 2003, with the new legislative requirements, notably by rescinding the requirement obliging legal entities incorporated after 1 January 2016 and parties/local party organizations to  submit to the bank a copy of incorporation documents and a certificate of incorporation respectively to have an account opened with the bank.

Additionally, the Draft Instruction has:

• Set out the rules governing the opening of a current account by a liquidator in the name of a sole proprietor whose company is under liquidation;
• Required customers (representatives) to produce a passport (an ID card) at the bank when opening a bank account; 
• Allowed an individual when receiving administrative services to use his/her identification data obtained by the servicing bank during the identification and verification process.

The Draft Instruction has been posted on the NBU’s official website for public consultation as in accordance with the Law of Ukraine On Fundamentals of the State Regulatory Policy in the Field of Economical Activities this regulation shall be subject to promulgation in order to receive   comments and proposals from legal entities, individuals and  their associations.