On 11 January 2017, the  Board of the National Bank of Ukraine adopted Resolution No. 3 On Approval of amendments to the Instruction on Performing Cash Operations of Banks in Ukraine  (hereinafter - Resolution No.3).

Resolution No.3 contains provisions intended to to establish a legal framework governing the opertion of banks in Ukraine.

The adoption of this resolution has been prompted by the need to bring certain provisions into compliance with the Law Ukraine On Prevention and Counteraction to Legalization (Laundering) of the Proceeds from Crime, Terrorism Financing and Financing of Weapons of Mass Destruction, streamline NBU regulations and help Ukrainian banks improve the handling of cash operations. 

Resolution No. 3, inter alia, has required a bank to:

• identify and verify  a customer's (customer’s representative) identity when performing cash operations in accordance  with the Law Ukraine On Prevention and Counteraction to Legalization (Laundering) of the Proceeds from Crime, Terrorism Financing and Financing of Weapons of Mass Destruction;
• set out the rules governing the exchange of banknotes and coins;
• provide customers with information about the terms and conditions for the execution of cash operations.

Resolution No. 3 also contains provisions regarding:

• the use by banks of technology enabling the delivery of a receipt confirming transactions performed through POS terminals and a text message to the customer via email or  via other remote service channels;
• changes in address to where banks are required to send doubtful banknotes in  foreign currency for examination; and
• the streamlining of other requirements.