NBU toughens sanctions against payment systems for breaking money transfer rules

14:36, 26.11.2015 1 min read

The National Bank of Ukraine (NBU) is toughening the sanctions it can impose against payment system organizations, their participants and operators of the payment infrastructure services.

NBU decree No. 815 of November 25 on amending some NBU decrees, which the regulator published on its website late on Wednesday, took effect on November 26.

According to the document, the NBU now has the right to suspend the licenses of non-bank institutions for transferring funds in the national currency without opening accounts, if the requirements of laws on the money transfer are violated by them, for up to one year.

The regulator previously had the right to revoke the licenses of non-bank institutions.

The NBU can reissue licenses if the reasons for a suspension are rectified. The decision can be made within 30 calendar days after the guilty parties submit documents confirming that they have addressed the violations.