The National Bank of Ukraine seeks public opinion on a Draft  Resolution of the NBU Board On Approval of Amendments to the Regulation on the Procedure for Granting Licenses for the Provision of Cash Collection and Cash-in-Transit Services to Legal Entities  (hereinafter – the Draft).

This Draft is designed to amend and supplement the Regulation on the Procedure for Granting Licenses for the Provision of Cash Collection and Cash-in-Transit Services to Legal Entities approved by NBU Board Resolution No. 926 of 24 December 2015.

The Draft is intended to specify the eligibility criteria to be met by corporate non-banking institutions to qualify to provide cash collection and cash-in-transit services and facilitate the adoption of greater transparency in their operations within the limits of applicable laws and NBU regulations.

These amendments have been prompted by the need to streamline the requirements of the applicable regulation, simplify the procedure for granting licenses, specify the rules governing the issuance of duplicate licenses and address other issues.

The Draft, inter alia, has:

• allowed legal entities to use both their own and hired operating vehicles (with a rental period of at least one year), as well as leased vehicles to provide cash collection and cash-in-transit services;
• specified provisions requiring managers of the legal entity and heads of cash-in-transit divisions to have an impeccable business reputation;
• established the rules governing the issuance of licenses based on the NBU Board decision on granting a license to a specific legal entity;
• set out the rules governing the issuance of a duplicate license to replace a lost or damaged original license and established the fee for license renewal;
• specified the rules governing the suspension, renewal, revocation and cancellation of a license.

The Draft has been posted on the NBU’s  official website for public consultation  in order to receive comments and proposals from legal entities, individuals and  their associations.