Requirements for information systems and personalized accounting of a credit union have been established

The National Bank of Ukraine has approved requirements for information (automated) systems of credit unions and the procedure for maintaining personalized records of its members and share contributions by credit unions.

These changes are aimed at improving the quality of financial services provided by credit unions, ensuring transparency of their activities and strengthening the protection of the rights of credit union members.

First, the Regulation on Requirements for Information (Automated) Systems and the Procedure for Maintaining Personalized Records in a Credit Union was approved, in particular with regard to

• registration and record keeping of financial services / ancillary activities / outsourcing / intermediaries / credit intermediaries agreements, as well as financial services / ancillary activities transactions
• organization of personalized accounting (register) of credit union members using the accounting system;
• organization of personalized accounting of share contributions.

Secondly, the Regulation on Authorization of Financial Service Providers and Conditions for Conducting Financial Services Activities was amended to require a credit union to operate using information systems necessary to ensure the proper provision of financial services.

These amendments were approved by Resolution of the Board of the National Bank of Ukraine No. 18 dated February 14, 2025, which will come into force on February 21, 2025.