NBU wants to simplify opening of escrow account for branches of foreign banks

The National Bank of Ukraine proposes to simplify the procedure for opening an escrow account (deposit) with the National Bank for branches of foreign banks.

This is stated in the NBU message, the Ukrainian News agency reports.

The National Bank opens such an account on the basis, in particular, of a corresponding application from a branch of a foreign bank in Ukraine.

It is proposed to exclude the norm regarding the need to submit copies of certificates on the registration of a branch of a foreign bank with the relevant regulatory authority as a taxpayer and as a payer of a single contribution, since such information will be contained in the Unified State Register of Legal Entities, Individual Entrepreneurs and Public Organizations.

This, in particular, is provided for by the provisions of the Law of Ukraine dated 14.07.2023 No. 3257-IX "On Amendments to Certain Legislative Acts of Ukraine Regarding the Regulation of the Activities of Separate Divisions of a Legal Entity Formed in Accordance with the Legislation of a Foreign State".

The relevant provisions are contained in the draft resolution of the Board of the National Bank of Ukraine "On Amendments to the Instructions on the Procedure for Opening and Closing Accounts for Clients by the National Bank of Ukraine", which is proposed for public discussion.

Comments and proposals to the draft resolution are accepted according to the form for submitting comments and proposals until 03.04.2025 inclusive.

An escrow account is a special account opened by a bank to a client in accordance with an escrow account agreement.

Under this agreement, the bank is obliged to accept and credit funds received from the account holder and/or from third parties to this account.

As the Ukrainian News agency earlier reported, the National Bank of Ukraine reports that Revolut Bank did not receive NBU permits to operate in Ukraine.

Earlier, it was reported that neobank Revolut officially launched its services in Ukraine, giving local users the opportunity to register accounts using Diia, Ukraine's digital identification system.