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NBU Launches Electronic License for Conducting Hryvnia Remittances without Opening Accounts

The National Bank of Ukraine (the NBU) indroduces the Electronic Register of licenses for conducting money transfers in hryvnias without opening an account (hereinafter – the Register).

What has changed?

  • The license for conducting money transfers has become electronic instead of a paper-based document.
  • The entry of a relevant account into the Register means that the applicant has been granted a license to make money transfers. For information from the Register, please follow the link to the NBU’s website. The applicant, if needed, can obtain a paper-based extract from the Register at any time.
  • Owing to the transition to electronic licensing, the services of reissuing the license for money transfers and issuing its duplicate are to be canceled.

Paper licenses obtained earlier will remain valid. They need not be replaced, and have unlimited validity. Information on existing market participants has been automatically included into the Register. Should there be a need, they can always get an extract from the new electronic Register free of charge.

The paperwork burden on the participants of the payment services market has also been reduced. In a number of cases, if changes occured, a nonbanking institution no longer needs to submit to the NBU for approval an updated information certificate on the terms and procedure of providing money transfer services.

Respective changes were made to the Regulation On Procedure for Granting Licenses to Conduct Money Transfers in National Currency Without Opening Accounts approved by NBU Board Resolution No. 60, dated 8 May 2020, which came into effect on 16 May 2020.

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