The National Bank of Ukraine seeks public opinion on a Draft  Resolution of the NBU Board On Approval of the Regulation on the Rules Governing Inspections of Legal Entities Licensed by the NBU to Provide Cash-in-Transit Services to Banks (Draft Resolution).

The Draft Resolution is intended  to set unified requirements to the organization and conduct of on-site inspections of legal entities licensed by the NBU to provide cash-in-transit services to banks on collection and transportation of FX valuables in accordance with NBU regulations.

The Draft, inter alia, has:

• set out unified requirements to the organization and conduct of on-site inspections of legal entities licensed by the NBU to provide cash-in-transit services to banks;
• specified the rights and duties of heads and members of an inspection group;
• established a procedure for preventing and settling a potential conflict of interest that could arise during the inspection of a legal entity; and
• set out the requirements to the preparation of inspection reports and public disclosure of inspection findings, implementation of measures by legal entities to eliminate shortcomings revealed by the inspection group and follow their recommendations.

The NBU has already issued a license to CIT Security LLC and Ukrainian Service Collection for the provision of cash collection and cash-in-transit services to banks. The package of documents submitted by another legal entity is currently under review by ther regulator. 

The Draft resolution has been posted on the NBU’s  official website for public consultation as in accordance with the Law of Ukraine On Fundamentals of the State Regulatory Policy in the Field of Economical Activities this regulation shall be subject to promulgation in order to  receive   comments and proposals from legal entities, individuals and  their associations.