The NBU updates the Regulation on Cash Transactions in the National Currency

The National Bank of Ukraine is proposing for public discussion amendments to the Regulation on Conducting Cash Transactions in the National Currency in Ukraine (the "Regulation").

This is due to the need to bring certain requirements of the Regulation in line with the current requirements of Ukrainian legislation and regulatory acts of the regulator.

In particular, in this regard, it is planned to

to clarify the term "non-bank payment service provider" by excluding non-financial payment service providers as those that do not perform the transactions provided for by the Regulation;
to take into account the possibility for business entities to use cash received from payment accounts opened with non-bank payment service providers in their settlements;
to allow business entities to make settlements with each other and with individuals by depositing cash with payment service providers for further transfer of funds to business entities' accounts without using the transfer of funds without opening an account;
to oblige commercial agents of banks to deposit cash received during the provision of payment services to banks exclusively through the relevant services and/or enterprises authorized to collect funds, transport currency and other valuables;
in order to ensure uniform approaches to the activities of payment market participants, to establish a requirement for non-bank payment service providers and their commercial agents to deposit cash received in the course of providing payment services with banks and transfer funds received from payment service users exclusively to the current account of the non-bank payment service provider;
to business entities, in order to minimize the risks of safety of funds, to take into account the level of danger when transporting and depositing cash proceeds (cash) to the bank on their own;
Banks and enterprises authorized to collect funds, transport currency and other valuables should specify in agreements with clients - business entities the method of delivery and the amount of cash, in case of exceeding which cash collection will be mandatory;
business entities, when providing the "cash at the checkout" service, should issue only banknotes and coins that do not raise doubts about their authenticity and solvency to the payment card holder. Instead, worn-out banknotes should not be given to customers, but should be withdrawn and handed over to the servicing banks along with cash proceeds;
not to extend the restriction on cash payments (in the amount of UAH 50,000) to the use of cash from the expenditure fund for operational and technical and operational search activities, investigative (detective) actions and covert investigative (detective) actions established in accordance with the Law of Ukraine "On the Bureau of Economic Security of Ukraine" (a similar rule applies to the National Anti-Corruption Bureau of Ukraine and the State Bureau of Investigation).

Such provisions are contained in the draft resolution of the Board of the National Bank of Ukraine "On Approval of Amendments to the Regulation on Conducting Cash Transactions in National Currency in Ukraine" (hereinafter - the draft resolution).

The materials for discussion can be found at the following links:

Comments and suggestions to the draft Resolution are accepted in accordance with the form for submitting comments and suggestions until April 1, 2024 inclusive.

NBU

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