NBU introduces additional requirements for non-banking financial services market participants

KYIV. Feb 16 (Interfax-Ukraine) – The National Bank of Ukraine (NBU) by a resolution of the board dated February 15, 2023 introduces additional requirements for the work of credit unions, as well as financial service providers engaged in trading in currency values in cash.

According to the website of the regulator, for credit unions and other participants in the market of non-banking financial services, the requirements for regulating their activities have been clarified. In particular, in order to strengthen supervision and prevent negative trends in the credit cooperation market, enforcement measures are not applied to credit unions only if the relevant violations are caused by the negative impact of Russia’s armed aggression against Ukraine.

The NBU also notes that it will use a new list of active hostilities and the temporarily occupied territories of the country compiled by the Ministry for the Reintegration of the Temporarily Occupied Territories of Ukraine.

The resolution defines a special procedure for the temporary termination of the activities of financial service providers engaged in trading in currency values in cash, or their separate or structural subdivisions for the period of stay of such suppliers, their subdivisions in the territory of hostilities or temporarily occupied territories.

These and other changes will come into effect on February 17, 2023.