The National Bank of Ukraine pursues a policy of deregulation in the FX market, cancelling the requirements that lost their effectiveness and relevance. The next steps were taken towards the analysis of transactions on purchase of foreign currency and its transfer abroad by banks' customers - legal entities and individuals. The NBU cancels the requirement for banks, which has been in effect since September 2014, to provide it with scanned copies of the documents for analyzing financial transactions of their customers.

It is, particularly, referred to scanned copies of the following documents:

• customers' statements and scanned copies of the documents that provide grounds for conducting transactions, except for issuer's decision about payment of dividends to a foreign investor (it is used to analyze demand);
• conclusions on every agreement, customers' questionnaires, and other documents related to bank's actions when performing the analysis and checking records on financial transactions and their participants.

The cancellation of the requirement for banks to provide scanned copies of the documents will release sizable material and technical resources of banking institutions and facilitate efficient risk-based approach of banks to performing the analysis of financial transactions of their customers.    Since the NBU authorized banking institutions to detect customers' risky financial transactions and provided the banks with relevant instruments, the banks have, without the NBU intervening, to prevent risky activities and efficiently manage risks.

The above amendments have been approved by NBU Board  Resolution No. 98 On Amendments to Some NBU Regulations, dated 3 October 2017.  The Resolution comes into effect on 5 October 2017.