The National Bank of Ukraine (NBU) has permitted commercial banks to establish rules of approving the list of persons affiliated with the bank on their own.

The respective initiative was approved by NBU Board resolution No. 125, amending the identification of persons affiliated with the bank dated November 26, 2018. The document came into force on November 28, 2018.

Additionally, the document specifies the period during which a bank undertakes to determine a person as associated with the bank in the statistical reporting, as well as the procedure for identifying a person not affiliated due to the expiration of the signs of affiliation.

The National Bank expects that this will contribute to improving the efficiency of the management of operations with persons associated with banks.