The NBU is changing the system of foreign exchange supervision over the operations of non-residents in the hryvnia

The National Bank of Ukraine, in accordance with the requirements of the Law “On Currency and Foreign Exchange Transactions”, has worked out the procedure for the exchange of information by authorized institutions on the hryvnia accounts of their clients or users who are non-residents.

Source:https://finclub.net/ua/news/nbu-vdoskonaliuie-systemu-valiutnoho-nahliadu-za-operatsiiamy-nerezydentiv-u-hryvni.html

To do this, an automated information system “Register of Non-Resident Accounts” was introduced on the Hyperledger fabric blockchain platform. According to the law on currency, a transfer of funds in hryvnia with the participation of a non-resident is a currency operation subject to currency supervision.

If information about the residence of the recipient is not available, the authorized institution serving the payer cannot clearly identify whether such a transaction is a currency transaction or not. This leads to the risk that this institution will not perform the functions of an agent of foreign exchange supervision.

The functioning of the Register is necessary to minimize the above risks and improve the conditions for conducting currency supervision by authorized institutions on hryvnia transactions carried out with the participation of non-residents through these institutions.

In order to comply with the requirements of the law on currency, the National Bank:

• regulated the procedure for information interaction between authorized institutions on accounts of non-residents opened in these institutions in hryvnia using the Register;
• obligated authorized institutions to provide information to the Register on all bank or payment accounts opened with these institutions, owned by non-residents;
• provided an opportunity for an authorized institution to receive free of charge information from the Register on the ownership of a hryvnia account by a non-resident owner when performing the functions of an agent of currency supervision.

Thus, information about non-residents’ accounts will be stored in the Register in a form encrypted using a hash function without the possibility of reading information about a client’s account.

The register will function in full from October 1, 2023, including the possibility for authorized institutions to receive information about the ownership of hryvnia accounts to bank or payment accounts owned by non-residents.