The NBU will update the organization of cash operations by banks and payment transactions

The National Bank of Ukraine is proposing for public discussion changes to the organization of cash operations by banks and payment transactions by payment service providers in Ukraine.

In particular, in order to increase the transparency of payment transactions, the regulator plans to modernize the procedure for non-bank financial institutions to conduct and process transfers of funds without opening an account in the national currency of Ukraine, namely to exclude the possibility of cash receipt by business entities for settlements with individuals made by transferring funds without opening an account.

It also provides for

• update certain requirements for withdrawal from circulation and transfer of suspicious banknotes and coins for examination
• reduce the timeframe for the NBU to conduct relevant research.

These provisions are contained in the draft resolution of the Board of the National Bank of Ukraine "On Approval of Amendments to the Instruction on the Procedure for Organizing Cash Operations by Banks and Conducting Payment Transactions by Payment Service Providers in Ukraine" (hereinafter - the draft resolution).

The materials for discussion are available at the following links:

• Draft Resolution;
• impact analysis of the draft Resolution;
• comparative table to the draft Resolution.

Comments and suggestions to the draft Resolution are accepted in accordance with the form for submitting comments and suggestions until April 01, 2024 inclusive.

For reference.

Transfer of funds without opening an account is a payment service provided to a payer to transfer funds in cash or non-cash forms to a recipient or a payment service provider acting on behalf of the recipient, during which the provider of this service does not use the account of the payer and/or recipient opened with him.