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Finance Business Service

The National Bank Has Abolished a Number of Requirements for Banks Regarding the Conduct of Foreign Exchange Operations by the Сlients

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The National Bank of Ukraine has abolished some requirements for banks regarding the conduct of foreign exchange operations by the clients.
As the press-service of the Regulator informs, now the banks are provided with effective tools that allow them to manage risks independently using a risk-based approach. In this connection, the strengthened control over the process of the transactions by the clients has lost its relevance by the National Bank.
Mitigation of requirements also concerns the reduction of obligations of the banks with respect to the statistical information they provide. So, from January 1, 2018, the requirement for daily sending of the information file # 2C to the NBU, effective from September 2015, was canceled.
Information on currency transactions of the clients will be provided by the banks to the National Bank by updated forms of statistical reporting according to the rules for the organization of statistical reporting approved by the NBU Resolution No.129 of March 1, 2016.
In addition, the obligatory certification by a seal of the copies of documents provided by the clients to the bank for currency transactions is abolished.
The above changes were approved by the Resolution of the Board of the National Bank of Ukraine of December 21, 2017 No.135 “On Amending Certain Normative Legal Acts of the National Bank of Ukraine”, which came into force on the day following its official publication.

Алёна Выдыш
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Lawyer
Finance Business Service