NBU / Photo from UNIAN
The National Bank of Ukraine (NBU) has enhanced sanctions procedure against payment system organizations, their participants and payment infrastructure service operators for violations of the Ukrainian legislation, creating a more flexible mechanism for withdrawing such organizations from the market, according to a posting on the website of the regulator.
In case of violations of Ukraine's money transfer legislation, the NBU shall be entitled to suspend, for a period of up to one year, licenses of non-banking financial institutions that allow funds transfer in the national currency without opening accounts, according to the report with reference to resolution No. 815, being effective from today, November 26.
It is noted that previously the NBU had the right only to revoke or annul licenses of non-banking financial institutions.
Under new terms, the NBU will also be able to apply measures of influence with regard to banks, non-banking financial institutions and the national postal service operator in case of violations of regulatory legal acts requiring the suspension of financial transactions.
Read alsoNBU simplifies access to Ukrainian market for international online payment systemsAs UNIAN reported earlier, since July 29, the NBU has facilitated access to the Ukrainian market for international payment systems, allowing operations in Ukraine of online payment systems, including PayPal, ApplePay, GoogleWallet.
In particular, the regulator has set out requirements to enter data on such systems into the register of payment systems, clarified documentation requirements for participants of the payment service market, and simplified the procedure for obtaining money transfer licenses by the international payment systems.
The NBU also provided an opportunity for citizens to carry out settlements with non-residents using electronic money issued outside Ukraine, and increased the threshold amount of electronic money payments in a calendar year.