The National Bank of Ukraine (NBU) has revoked the general license for foreign exchange operations issued to PJSC Commercial Bank Financial Initiative (Kyiv).

According to the website of the central bank, the relevant decision was made in connection with the violation by the licensee of currency legislation, as well as regulatory acts of the central bank.

Bank Financial Initiative, which was classified as insolvent on June 23, 2015, continued to provide customer service and in 2015-2018 receive registers of export customs declarations of its customers for transactions that do not confirm receipt of export revenues in the amount of billions of hryvnias to Ukraine," the report says.

In addition, according to the NBU, Bank Financial Initiative during 2017-2018 did not fulfill the written requirements of the regulator for the provision of documents that would confirm the proper performance of the functions of a currency control agent for the operations of its clients and did not allow authorized NBU employees to conduct an on-site audit.