In Q1 2017, the National Bank of Ukraine exercising its function of control over financial institutions that are engaged in foreign exchange transactions conducted 260 inspections of structurtal units (foreign exchange bureaus) of non-banking financial institutions.

The inspections took place in Kyiv and the following 17 oblasts of Ukraine: Kyiv, Ivano-Frankivsk, Dnipropetrovsk, Vinnytsia, Zhytomyr, Kirovohrad, Mykolaiv, Lviv, Odesa, Poltava, Rivne, Kharkiv, Ternopil, Kherson, Khmelnytskyi, Chernivtsi, Chernihiv.

During the inspections of legal foreign exchange bureaus the NBU identified 30 foreign exchange bureaus that were operating illegally. The NBU provided information on those bureaus to law enforcement agencies. At present, three answers have been received from the law enforcement agencies concerning the measures taken on the basis of the provided information.

Additionally, information on the illegal foreign exchange bureaus with respective photographs has been published on the official web-site of the National Bank of Ukraine in the section Illegal foreign exchange bureaus.

Please, be reminded that in 2016 the NBU conducted 362 inspections of structural units (foreign exchange bureaus) of non-banking financial institutions in 14 regions of Ukraine. According to the plan foreign exchange bureaus in all regions of Ukraine are to be inspected by the end of 2017.

As of 1 April 2017, 29 non-banking financial institutions and the national postal operator Ukrposhta have NBU general licenses for foreign exchange operations. Moreover, 2759 separate units of non-banking financial institutions are active in Ukraine today.

Detailed information on the NBU general licenses for foreign exchange operations can be found on the NBU official web-site at the link: https://bank.gov.ua/files/genlicnebank.pdf

In accordance with Resolution of the NBU Board No. 962 of 1 July 2016, the Register of premises licensed to be used for foreign exchange operations or other financial services with the use of cash in domestic and foreign currencies can be addressed.

Reference

Pursuant to the Law of Ukraine On the National Bank of Ukraine (paragraph 14 article 7) the NBU exercises foreign exchange regulation, establishing the procedure for transactions in foreign currency, foreign exchange control over commercial banks and other financial institutions licensed by the NBU to conduct FX transactions.