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Registration Procedure of an International Payment System with a Nonresident Payment System Operator

In order to tap into the Ukrainian payment market, an international payment system with a nonresident payment system operator shall get an approval of its operating conditions and procedures in Ukraine.

The procedure for the approval by the NBU of the operating conditions and procedures in Ukraine of an international payment system with a nonresident payment system operator is stipulated in the Regulation Regulation On the Procedure for Registration of Payment Systems, Payment System Participants and Payment Service Providers approved by NBU Board Resolution No. 43 dated 4 February 2014.

List of Documents to Be Submitted to the NBU
  • Application for approval of the operating conditions and procedure of the international payment system in Ukraine.
  • One of the documents listed below:
    an abstract from banking, commercial or judicial register or other document confirming registration of the payment system operator of an international payment system, or
    a permit, license or other document authorizing the payment system operator of an international payment system to transact international money transfers.
  • Reference information on the operating conditions and procedure for international payment systems.
  • Documents on the financial monitoring (see below).
  • Application of the payment system operator. The application is not required if the payment system operator of an international payment system is a listed company or a legal entity controlled by a listed company.
Requirements to Reference Information on the Operating Conditions and Procedure for an International Payment System

Reference information on the operating conditions and procedure for an international payment systems must define:

  • organizational structure of the international payment system that should contain data on the payment system operator, settlement banks, processing centers, other entities with their full names, location, and functions as well as indicating the foreign authority, where the head office of the payment system operator of the international payment system is registered
  • procedure for joining and quitting the international payment system and the list of documents to be submitted for joining the international payment system
  • risk management system for liquidity, credit, legal, operational and systemic risks in the respective international payment system
  • types of services that will be provided by the international payment system to its resident participants and the service provision procedure
  • list of payment instruments enabling the initiation and payout of money transfer amounts in the international payment system [for international money transfer systems - with document samples for money transfer and payouts (if available)]
  • technology for money transfers by participants of the payment system including the technology for information exchange in the international payment system and description of information protection system which will be applied by the international payment system in Ukraine.

Should a nonresident payment system operator of an international payment system have documents on the mentioned issues, such shall be submitted to the NBU instead of reference information.

Requirements to Documents on the Financial Monitoring

Documents (extracts from the documents) of the international payment system that govern the following:

  • the requirements in the area of prevention and counteraction to legalization (laundering) of the proceeds from crime, terrorism financing and financing proliferation of weapons of mass destruction that are binding for participants of the international payment system and the procedure for their meeting the requirements
  • the procedure for ensuring the international payment system’s implementation of recommendations of the Financial Action Task Force (FATF) concerning money transfers.
Requirements to Applicants

For the approval of the payment system rules and for recording data on the payment system in the Payment System Register:

  1. the payment system operator
  2. the qualifying shareholder of the payment system operator
  3. top-managers of the payment system operator
  4. the list of legal entities, whereof the payment system operator is a qualifying holder
  5. the list of legal entities, whereof the CEO of the payment system operator is a qualifying holder or a CEO

shall be free and clear of sanctions imposer by either foreign states (except the country waging military aggression against Ukraine), transnational associations, international organizations, or Ukraine.

The payment system operator, the settlement bank, and the processing center of the international payment system shall not be registered in the country waging military aggression against Ukraine.

Requirements to Drawing-up Documents
  • The documents submitted to the NBU shall be in Ukrainian.
  • The documents in a foreign language shall be accompanied by a notarized translation into Ukrainian.
  • Official documents issued in a foreign country that pertain to foreign legal entities shall be duly legalized pursuant to the established procedure, unless otherwise provided by law or international agreements ratified by the Verkhovna Rada of Ukraine. Copies of these documents shall be notarized.
  • Along with the printed documents, scanned copies of the original documents shall be submitted to the NBU.
  • Electronic copies shall be submitted on digital media (CD/DVD), USB flash drives, or sent to the NBU by e-mail.
Procedure for Reviewing Documents

This process includes the verification and analysis of submitted documents by experts from the Licensing Department and other NBU units.

Also, during review, comments can be provided to payment system operators to rectify found deficiencies or provide additional clarifications and documents.

Documents are reviewed within 60 days of delivery of the complete set of documents to the NBU.