The National Bank of Ukraine starts issuing e-licenses for FX transactions. Individuals (except for entrepreneurs) will be able to obtain individual licenses (e-licenses) for FX transfers abroad to perform FX transactions through authorized banks.
An individual will be able to transfer foreign currency abroad up to the equivalent of USD 50,000 per one calendar year on the basis of an e-license.
E-licenses will allow individuals to transfer foreign currency abroad within the set limits to perform three types of FX transactions:
- investments abroad;
- depositing funds in their own accounts abroad; and
- Transactions at the fulfilment of obligations to non-residents arising from life insurance contracts.
In order to issue licenses and collect information about the compliance of individuals with the set limits, the NBU establishes a Register of individual licenses for FX transactions, an automated information system (AIS).
To obtain an e-license, an individual has to apply for a license to any authorized bank where he holds an account and submit, either on paper or electronically, the following documents:
- an application form for an-license to be submitted to the NBU;
- documents proving that an individual’s income is sufficient to make FX transfers on the basis of an e-license;
- originals or copies of documents the purpose of FX transfers abroad, except for cases when foreign currency is transferred to the individual’s own accounts.
If an authorized bank establishes that information submitted by the applicant is satisfactory and meets the regulatory requirements, it will send this information to the NBU electronically via the AIS so that the latter will issue an e-license to an individual. Upon this request, the NBU will automatically issue an e-license to the individual by making an entry in the AIS. The bank will notify the customer of the issuance of a license.
The simplified rules governing the issuance of e-licenses will make it easier for individuals to perform FX transactions and speed up these transactions. At the same time, according to NBU estimates, the volume of these transactions will have no significant impact on the FX market.
This system is approved by NBU Board Resolution No 54 of 15 June 2017 On Amendments to Some NBU Regulations. Individuals will be able to obtain licenses via this system from 3 July 2017