The National Bank of Ukraine Has streamlined the rules governing the issuance, and revocation of individual licenses for some FX operations and rejection of a license application. On 12 July 2016, the NBU Board issued Resolution No.353 On Amendements to Some Regulations of the National Bank of Ukraine to this effect.
From now on, legal entities and sole proprietors are no longer required to submit to the NBU documents that can be publicly accessed, such as an extract from the Single National Register of Legal Entities and Sole Proprietors (EDRPOU). However, in order to obtain individual licenses for placing foreign currency on accounts outside Ukraine, individuals that are not sole proprietors shall be required to submit to the NBU a copy of tax return providing information on the financial position and income for verification of the source of funds.
At the same time, in order to prevent nonproductive capital outflow abroad, the NBU expands grounds for rejection of an application for an individual license. This applies to situations when an individual who is hiding from the pre-trial investigation authorities, court and the public authorities (based on information provided by the Ministry of Internal Affairs of Ukraine) seeks to obtain such a license.
The NBU has also simplified the procedure for submission of reports on overseas transactions for holders of individual licenses. From now on, such reports will be submitted electronically.
The amendments shall take effect from 14 July 2016.