The National Bank of Ukraine has introduced a simplified identification and verification mechanism exclusively for buyers of domestic government debt securities known as War Bonds,. It applies to Ukrainians residing or temporarily staying outside Ukraine and foreigners, except for citizens of russia and belarus.
The regulator also suspended scheduled and unscheduled onsite inspections of banks and nonbank financial institutions that cover financial monitoring issues and compliance with currency and sanctions legislation for the period of martial law.
Identification and Verification of War Bond Buyers
Before opening an account for the purchase of war bonds, banks can use a new simplified model of identification and verification of individuals. Specifically, banks can:
- receive copies of documents by means of remote service systems, e-mail secured with the qualified electronic signature/advanced electronic signature, or other remote communication channels as applicable within the technical capabilities of the bank
- sign the received copies of the documents with a qualified electronic signature
- contact the client through a video call, obtain the client's consent for a video call and photo fixation, take photos of the person and the photo of the person with the identification document during the video call and keep a record of the video call.
All other measures in the area of financial monitoring are taken by banks during servicing a customer before the financial transaction on repaying the nominal value of war bonds and paying income in accordance with the terms of the bonds offering.
The cap for simplified verification has been increased to UAH 400,000 per month from UAH 40,000.
All other terms for simplified identification and verification models remained unchanged.
NBU Suspends Onsite Inspections Covering Issues of Financial Monitoring and Compliance with Laws Regulating FX Market and Sanctions
For the period of validity of the martial law, the NBU has suspended scheduled and unscheduled onsite inspections established by the Regulation on the Procedure for Organizing and Exercising Supervision in the Area of Financial Monitoring, Currency Supervision, Supervision on the Issues Related to Implementation and Monitoring of Personal Special Economic and Other Restrictive Measures (Sanctions) approved by NBU Board Resolution No.90 dated 30 June 2020.
The NBU will perform offsite supervision in the area of financial monitoring, currency supervision, supervision on the issues related to implementation and monitoring of personal special economic and other restrictive measures (sanctions) under martial law.
This decision was approved by NBU Board Resolution No.60 On Specifics of Meeting Some Requirements of the Laws Regulating the Areas of Financial Monitoring, Currency Supervision, Supervision on the Issues Related to Implementation and Monitoring of Personal Special Economic and Other Restrictive Measures (Sanctions) dated 23 February 2022.
The Resolution comes into force on 24 March 2022 and will stay valid along with Presidential Decree No. 64/2022 On Introducing Martial Law in Ukraine dated 24 February 2022.