Three non-banking financial institutions have had their licenses revoked


The National Bank of Ukraine revoked the licenses of three non-banking financial institutions.

Yes, licenses are revoked:

  • LLC “FK LEO” (YEDRPOU 39010283) – licenses for the provision of financial leasing services, the provision of factoring services, the provision of funds on loan, including on the terms of a financial credit, for trading in currency values, for the transfer of funds in the national currency without opening accounts and a license to carry out currency operations;
  • “E-PEY” LLC (EDRPOU 36495136) – a license to transfer funds in national currency without opening accounts.

The licenses of the mentioned institutions were canceled due to the fact that their business reputation does not meet the requirements of the legislation of Ukraine.

In addition, part of the licenses for the provision of financial services (except for professional activities on the securities market) of PJSC “AZINKO” (YEDRPOU 24646706) were revoked (cancelled) on the basis of the application submitted by the insurer, in accordance with the special procedure for revocation (cancellation) of the license ( licenses) for carrying out insurance activities.

In particular, licenses for voluntary insurance of land transport (except railway) were cancelled; mandatory personal insurance for employees of the departmental (except those who work in institutions and organizations financed from the State Budget of Ukraine) and rural fire brigades and members of voluntary fire brigades (teams); mandatory personal insurance against transport accidents; mandatory liability insurance of dog owners (according to the list of breeds determined by the Cabinet of Ministers of Ukraine) regarding damage that may be caused to third parties; mandatory insurance of the subject of the mortgage against the risks of accidental destruction, accidental damage or deterioration.

According to the latest 2022 reports submitted by PJSC “AZINKO SC”, as of December 31, 2022, the company’s insurance premiums amounted to UAH 9.1 million, assets on the balance sheet – UAH 79.27 million, insurance reserves – UAH 0.17 million, the company’s market share in terms of insurance premiums is 0.03%. In the 12 months of 2022, the volume of the insurer’s activity decreased by 48%.

Such decisions were adopted by the Committee on Supervision and Regulation of Non-Banking Financial Services Markets on March 27, 2023.

For reference

According to clause 189 Resolution of the Board of the National Bank of Ukraine “On regulation of activities of non-bank financial services market participants, non-bank financial groups, payment market participants, collection companies and legal entities that have received a license to provide collection services to banks” dated March 6, 2022 No. 39 (with amendments) (hereinafter – Resolution No. 39) it is established that the insurer during the period of martial law in Ukraine has the right to use the special procedure for revocation (cancellation) of the license (licenses) for carrying out insurance activities, provided for in clauses 1810 – 1817 Resolution No. 39.

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