The National Bank of Ukraine (NBU) has updated the current regulations on performing FX control and audits of compliance with the requirements of the FX legislation of Ukraine by banks, other financial institutions, and the national postal operator.
The changes include:
- the application of sanctions on the basis of inspection acts without drawing up protocols on violation of FX legislation, pursuant to the Decree of the Cabinet of Ministers of Ukraine and NBU Board Resolution No. 49
- inspection by authorized NBU employees prior to drawing up acts of inspection of materials received from state athorities that may indicate a violation of FX legislation
- a provision that the review by a bank executive (or an executive of a non-bank financial institution or a national postal operator) of an act of on-site inspection shall take place no later than on the thirtieth calendar day (instead of the thirtieth business day) from the day the inspection is completed.
The relevant amendments were approved by NBU Board Resolution No. 97 On Amendments to Some NBU Regulations dated 6 September 2018[i], coming into effect on 8 September 2018.
Resolution No. 97 amends:
- Regulation On foreign Exchange Control approved by NBU Board Resolution No. 49 dated 8 February 2000
- Regulation on Procedure for On-Site and Off-Site Inspections with Regard to Adherence to the Requirements of FX Laws and Regulations by Banks, Other Financial Institutions, National Postal Operator, and Inspections of Currency Exchange Offices in the Territory of Ukraine, approved by NBU Board Resolution No. 338 dated 21 September 2007.