On 6 September 2016, the Board of the National Bank of Ukraine issued Resolution No. 382 (hereinafter – the Resolution) with the aim of improving Regulation No. 7051 and aligning its requirements with international best practices, in particularwith EU laws2 and the international payment system rules with regard to the protection of the rights of payment card users.
From now on, Regulation No. 705 shall require banks not to impose full liability for controversial transactions using payment cards.
The NBU expects this requirement to prompt banks to improve services rendered to payment cardholders and enhance user confidence in the use of payment cards.
Additionally, this resolution has brought certain provisions of Regulation No. 705 into conformity with the laws of Ukraine regulating relations in the area of electronic commerce, as well as prevention and counteraction to the legalization (laundering) of the proceeds from crime, terrorism financing, and financing of weapons of mass destruction.
Also, this resolution has extended the deadline for payment system member banks to shift away from e-commerce transaction services provided by nonresident payment processing entities toward those rendered by resident processing entities.
The resolution comes into effect on 9 September 2016.
1 The Regulation Governing the Issuance of Electronic Means of Payment and E-Commerce Transactions approved by NBU Board Resolution No. 705 of 5 November 2014 (hereinafter – Regulation No.705)
2 Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market (PSD2)