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NBU Sets Controls for Cash Collectors

The National Bank of Ukraine has developed a set of mechanism to exercise control over compliance of cash collection companies * with requirements to cash acceptance, storage, and processing.

They include:

  • a procedure for regular inspections of cash collection companies
  • reasons and procedure for ad-hoc inspections
  • a list of items to be inspected under the NBU regulations
  • requirements to the presentation of findings
  • a follow-up control mechanism
  • a procedure for applying corrective measures in case of breach of the rules. 

It will ensure better quality of cash in circulation owing to improved sorting criteria and higher volumes of cash processing and withdrawals of unfit and suspicious banknotes and coins.

The respective requirements are set in NBU Board Resolution No. 40 On Approval of the Rules Governing Control over Legal Entity’s Compliance with Procedure for Cash Acceptance, Storage and Processing.

The document comes into effect on 1 April 2020.

 legal entities providing cash processing and storage services based on the NBU’s approval

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