NBU tightens control over bank currency transactions

12:14, 14.04.2016 1 min read

The National Bank of Ukraine (NBU) has toughened control over currency transactions of authorized banks under orders of their clients.

NBU issued resolution No. 247 on April 7 and it takes effect from April 15.

According to the document, banks authorized to settle currency transactions are to place information on purchase of foreign currency, sending it abroad and to nonresidents via correspondent accounts of nonresident banks in hryvnias opened in authorized banks to ad hoc registers.

Banks are also obliged to include transactions on sending funds to nonresidents via branches of authorized banks opened in other countries into the register.

The central bank said that the requirements on drawing up registers earlier prescribed in the NBU letter were moved to the resolution.

The NBU also introduced a right to impose sanctions on banks that made mistakes in forming the register.

The central bank can block the transfer of suspicious financial transactions to prevent outflow of capital abroad.

The NBU made relevant amendments to NBU resolution No. 140 dated March 3, 2016 that is in effect until June 8, 2016.