The procedure for issuing licenses to non-banking institutions for currency transactions has been updated


The National Bank of Ukraine updated the procedure for issuing licenses for currency operations by non-banking institutions.

The updated procedure excludes a number of “duplicating” requirements that were already checked at the stage of initial licensing of a non-bank institution to provide similar services in the national currency, as well as provides for an electronic form of communication between the applicant and the National Bank.

There is also the possibility of simplified reissuance of valid licenses for carrying out foreign exchange operations on the transfer of funds, subject to compliance with the following requirements:

1) As of April 4, 2023, the non-banking institution had a valid license to carry out foreign exchange operations for the transfer of funds.

2) By May 1, 2023, a non-banking institution applied to the National Bank for a license to provide a financial payment service for transferring funds without opening an account.

3) The non-banking institution has passed the authorization procedure for providing such a financial payment service in accordance with the requirements of the Law of Ukraine “On Payment Services”.

The updated procedure for issuing licenses for the period of martial law and until the stabilization of the foreign exchange market provides for the possibility of issuing a license only for carrying out currency transactions for money transfers without opening an account (as was done taking into account the Law of Ukraine “On Payment Systems and Money Transfers in Ukraine”).

Contains these and other changes Resolution of the Board of the National Bank of Ukraine dated March 31, 2023 No. 43 “On Approval of the Regulations on the Procedure for Issuing Licenses for Currency Operations”which enters into force on April 4, 2023.

For reference

After the end of martial law and the stabilization of the situation on the foreign exchange market, the National Bank may return to the issue of issuing licenses for foreign exchange operations and other financial payment services, the possibility of providing which in the national currency is provided for by the Law of Ukraine “On Payment Services”

Share post:



More like this