In order to simplify the procedure for carrying out currency exchange operations for natural persons, the National Bank of Ukraine has adjusted rules and introduced amendments to the existing procedure for conducting operations on purchase-sale of foreign currency by adopting the Resolution of the Board of the National Bank of Ukraine#364 of 11 October 2011 registered with the Ministry of Justice of Ukraine #1214/19952 of 20 October 2011.

The purchase of foreign exchange in the amount up to UAH 150 thousand is carried out by the bank (financial institution), providing that a client (resident or non-resident) submits any document proving his/her identity. The identification data on the client who has sold the foreign currency are indicated in the receipt (quittance).

In this case, making copies of the documents proving the client’s identity is prohibited.

The sale of cash foreign currency to one person in the amount not exceeding UAH 150 thousand within one business day is carried by banks (financial institutions), providing that a client submits the document proving his/her identity and confirming the client’s residence.

After verifying the client’s residence, a bank (financial institution) cashier is obliged to issue a corresponding receipt (quittance) for carrying out a currency exchange operation and keep copies of pages of an identity document. These copies shall be certified with a seal of a bank (financial institution) cash department or a  currency exchange office.

The data on the person obtained in the course of servicing clients when carrying out currency exchange operations are regarded as the banking secrecy with an appropriate data storage regime prescribed by Article 10 of the Law of Ukraine “On Banks and Banking”.

The requirements established for the submission of identity documents when carrying out currency exchange operations do not apply to operations carried out through automated teller machines (ATMs).

The above-mentioned requirements viewed as temporary measures, which are intended to simplify the procedure for carrying out currency exchange operations, will come into effect from 28 October 2011 and remain valid until 9 September 2012.