Financial sector news

The regulator has initiated a public discussion of a draft resolution aimed at updating and strengthening the procedure for issuing licenses to legal entities to conduct cash transactions.

The purpose of the changes is to unify the requirements for assessing business reputation and improve the licensing procedure. This was reported by the press service of the NBU.

The draft resolution provides for a number of changes regarding the transparency and reputation of market participants, namely:

• expanding the list of signs of imperfect business reputation of individuals related to economic and professional activities, holding positions or owning significant shares, in particular, in a collection company, in a legal entity in respect of which the National Bank has decided to recognize the service or transaction as belonging to the financial/limited payment for financial services and payment market;
  
  
• defining as indefinite the application of signs of an imperfect business reputation of an individual related to holding positions or owning a significant stake in institutions, and signs of an imperfect business reputation of a legal entity related to owning a significant stake in institutions;
  
  
• expansion of the list of signs of unsound business reputation in relation to individuals associated with professional activities;
  
  
• establishment of requirements for the head of a separate division of a legal entity, which includes a cash collection division and a cash processing and storage division;
  
  
• clarification of the requirement to provide personal data on the business reputation of legal entities and individuals;
  
  
• regulation of the requirements for persons performing the duties of the head of a legal entity, chief accountant, heads of a separate division, cash collection division, and cash processing and storage division.
  Public discussion of the changes will continue until November 24, 2025. Comments and suggestions will be accepted by the NBU until that date.