NBU approved new licensing rules for nonbank financial institutions to transfer funds

The national Bank of Ukraine has improved the procedure for issuing non-Bank financial institutions of the license for money transfer in UAH without opening an account.

Relevant changes contained in the new Regulation on the issuance of nonbank financial institutions of the license for money transfer in national currency without opening of accounts, which the NBU Board approved on 17 August.

“The national Bank continues the unified approach to licensing and a new Regulation on licensing of the transfer of funds is another step in this direction. A new document involves the analysis of the ownership structure of the licensee and its business reputation. In addition, the regulator will pay considerable attention to the study of the business plan of the companies planning activities on the transfer of funds, and the investigation of their financial condition”, – said the Deputy Chairman of the national Bank Ekaterina Rozhkova.

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The new provision provides:

– definition of list of conditions under which the regulator issues licenses for the transfer of funds, and the expansion of the list of documents for obtaining the following licenses, NFU;

deletion from the list of documents submitted for obtaining the license, of internal documents on financial monitoring and implementation, but liabilities of non-Bank financial institutions to develop and approve internal documents on these issues within one month from the date of receipt of the license;

– introduction of the requirements of NFU on the disclosure of information about their ownership structure and determining the order of granting of such information;

– setting requirements to the financial condition of nonbank financial institutions, their business reputation and business reputation of their leaders and owners of a substantial participation in them;

– the obligation of non-Bank financial institutions licensed to transfer funds and service providers the acceptance of cash for its further transfer, to define in internal documents the procedure for calculating limit of the balance of cash in cash points cash and periodicity of collection of cash;

– expanding the list of grounds for refusal to issue licenses for the transfer of funds and opinion by the national Bank.

Non-Bank financial institutions that already have a license, must within two to six months to bring their activities in compliance with the new rules.

We will remind, the NBU wants to tighten the requirements for audit firms, which check banks.

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