On 11 January 2017, the  Board of the National Bank of Ukraine issued Resolution No. 62 On Approval of amendments to the Instruction on Performing Cash Operations of Banks in Ukraine   (hereinafter - Amendments).

This document represents a step toward the implementation of the Paperless project designed to enable the departure from the practice of using paper documents when servicing bank customers.

This document will enable banks to use electronic signature, including electronic digital signature, when performing cash operations for customers.

These amendments are primarily intended to improve cash operations performed by banks, which is related to the implementation of an e-workflow system on contractual terms, electronic cash documents and electronic signature/electronic digital signature in accordance with the Laws of Ukraine On Electronic Documents  and On Electronic Digital Signature. In this case, a bank describes technology and a mechanism governing an e-workflow system, the use of electronic, as well as the storage of information by banks, a procedure for providing an original  e-cash document/an original paper document/ a copy of an electronic document (upon the request of clients) with all the banking details.

In accordance with amendments, if cash operations are performed with the use of electronic signature, a contract must contain the terms and procedure, the recognition by participants of electronic interaction of electronic documents with the use of electronic signature and contain the terms and conditions for the distribution of losses that could be incurred by the bank (branch, office).

In addition, amendments expand the definition of “cash desks” to include not only operational cashier desks of the bank, its branches, offices and foreign exchange bureaus, but also ATMs, remote service units and specified some provisions related to the acceptance of unsorted cash by banks and the procedure for sending doubtful banknotes for an examination, etc.

Amendments shall come into force from 14 July 2017.

The Instruction has been brought into line with Section IV, Chapter 1, paragraph 1.8 ofThe Regulation on the Procedure for Registration and Licensing of the Banks and Opening Standalone Units  approved by NBU Board Resolution No. 306 of 8 September 2011 (as amended).