The National Bank of Ukraine has strengthened regulations regarding the facts of unlicensed activity in the financial market, introduced such a concept as an in-depth check, and is developing a practice of influencing such companies, said Governor of the NBU Andriy Pyshnyy.
"If we see that some economic agent or company provides services that, in our professional judgment, can be identified as financial or banking payment services, while this agent does not have the appropriate license, we will organize an in-depth check," he said in an interview with the Interfax-Ukraine agency.
Pyshnyy noted that such a check could lead to the appropriate application of measures of influence, an assessment of the company's activities, and an assessment of the participants who founded this company.
"This practice is just being developed. The banking supervision and the team that is working on this issue currently have at least three cases in their work," the head of the NBU said.
He pointed out that this market is flexible enough: it constantly deeply analyzes regulations, has the appropriate resources, human and financial, to find technological solutions and create complex large-scale schemes.
"The same schemes using drops require complex technological and organizational solutions. But as long as they are highly profitable, and we are also fighting this, they will continue to invest in them," Pyshnyy stated.
At the same time, he added that the formation of this scheme is possible, among other things, due to the demand for these services.
"Who creates the demand for tax optimization services when paying salaries? This demand really costs billions. It all ends with the budget not receiving the appropriate funds and government proposals to revise fiscal legislation and tax pressure on businesses that are starting to grow. Therefore, if you like, a new model of a social contract is needed," the banker believes.
