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The National Bank of Ukraine Proposes to Relax the Rules Governing the Cash Collection and Transportation of FX Valuables in Banking Institutions Operating in Ukraine

The National Bank of Ukraine proposes to discuss a Draft Resolution Relax On Amendments to the Instructions for Cash Collection and Transportation of FX Valuables in Banking Institutions in Ukraine  (hereinafter – Draft Resolution).

The draft resolution has been prompted by the need to deliver an up-to-date  well-structured liberal regulatory document governing  the cash collection and transportation of FX valuables in banking institutions in Ukraine the requirements whereof apply to banks and legal entities eligible to provide cash collection and cash-in-transit services to banks.

The Draft Resolution is intended  to make it easier to establish a cash collection unit, specify the maximum in-service durability of 1st and 2nd class armored protection of the vehicle  to DSTU 3975-2000, and address other issues related to the operation of cash circulation units.

The Draft Resolution, inter alia, is intended to:

  • Establish unified requirements and unified rules governing the operation of cash circulation units of banks and legal entities eligible to provide cash collection services to banks, allowed banks to use not only own operating vehicles but also use hired operating vehicles (with a rental period of at least one year), as well as  leased vehicles as in the case with legal entities;
  • Specify provisions requiring managers of the legal entity and heads of cash-in-transit divisions to have an impeccable business reputation; and
  • Address certain issues related to changes in the organization structure  and further transformation of the NBU and improve cash collection and cash-in-transit services.

Once this regulatory document comes into effect, the Instructions for Cash Collection and Transportation of FX Valuables in Banking Institutions in Ukraine approved by NBU Board Resolution No. 45 of 14 February 2007  registered by the Ministry of Justice of Ukraine on 3 March 2007 as No. 181/13448 (as amended) will be cancelled.  

Please send your proposals and comments by mail or email of the National Bank of Ukraine by 8 December 2016.

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