On 16 June 2016,   the Board of the National Bank of Ukraine issued Resolution No 347 amending the Guidelines Governing the Monitoring of Export/Import Operations to streamline relations between banks, customers and public authorities.

The amendments, inter alia, have:

• Streamlined document workflow while exercising foreign exchange control over export/import operations. In particular, banks have been allowed to use e-documents in parallel with paper documents for information exchange required to exercise control control over export/import operations performed by residents;
• Set out clear rules for banks to follow while exercising  control over export/import operations performed by customers based on documents executed in compliance with the Law of Ukraine On E-Commerce. In particular, banks have been allowed to monitor export/import operations performed electronically;
• Allows banks to use an invoice as a document confirming the provision of services; 
• Exempts customers from a requirement to submit a certificate issued by  foreign tax authorities of the amount of tax paid (the aforementioned certificate shall be submitted by a resident only upon the request of a bank).

These amendments will enable banks and their customers to use state-of-the-art communication technologies and e-documents in some procedures related to the exercise of control over export/import operations  that were previously performed based on paper documents.