The National Bank of Ukraine has recently requests from non-banking financial institutions and their associations on the use by financial institutions of payment transaction registers (hereinafter – PTR) when carrying out FX transactions. In this connection, the NBU will articulate its position on this issue.

The NBU wants to make it clear that financial institutions will be required to use PTRs when carrying out FX transactions from 17 December 2016. This requirement will apply to financial institutions, separate units and currency exchange offices (this will not apply to the cash desks of banks) This requirement will apply to both financial institutions and currency exchange offices currently operating in the market and those that intend to FX operations.

The aforementioned is based on the requirements set forth by the Law of Ukraine On the Use of Payment Transaction Registers in Trade, Catering and Service Sector, NBU regulations governing FX transactions (the Instruction on the Procedure for Arranging and Performing Foreign Exchange Operations in Ukraine)  approved by NBU Board  Resolution No. 502 of 12 December 2002).

Financial institutions are advised to take into account the NBU’s stance on this issue.