The National Bank of Ukraine has revoked a license for money transfers in domestic currency without opening accounts held by IT Finance LLC.
The decision to withdraw a license was taken by the regulator in accordance with subparagraphs “g” and “d” of paragraph 4.2 of the Regulation on the Rules Governing the Issuance of Licenses for Money Transfers in Domestic Currency Without Opening Accounts to Non-Bank Financial Institutions approved by NBU Board Resolution No. 57, dated 26 February 2013.
The NBU has revoked the aforementioned license because IT Finance LLC has failed to remedy violations of the regulation, which led the regulator to apply enforcement measures against this company which was in breach of the laws regulating funds transfers and had repeatedly violated applicable Ukrainian laws governing money transfers.
IT Finance LLC is payment institution of the domestic payment system“24NONSTOP”, which has been removed from the Register of payment systems, settlement systems, and participants and payment infrastructure service providers.