National Bank of Ukraine has tightened the procedure for issuing licenses to non-banking monetary financial institution

The National Bank of Ukraine has tightened the procedure for issuing non-bank financial institutions and Ukrposhta General license for currency transactions. In particular, obtaining genlitsenzii possible only if the duration of the non-banking financial institution in providing financial services to residents of not less than a full calendar year. NBU has given itself the right to withdraw the currency genlitsenziyu if lost the license for the implementation of financial services, which was issued by the relevant regulator. When applying for monetary genlitsenzii National Bank is obliged to provide a notarized copy of the statute of non-banking financial institutions, as well as balance sheet and financial performance. According to the amendments, in case of loss-making activities of the financial institution for the previous year, the NBU can either refuse to provide monetary genlitsenzii and withdraw it. From March 8 general term for consideration by the National Bank of documents for obtaining a general license non-bank financial institution may not exceed 50 working days from the date of their receipt. Until then NBU should have taken the decision to grant or refuse to grant a general license for 20 days from the date of receipt of documents. Source: Banki.ru