NBU updates its approach to authorization procedures for non-bank financial institutions

The National Bank of Ukraine has updated its approach to authorization procedures for non-bank financial institutions.

This is indicated in the NBU’s statement, the Ukrainian News agency reports.

This was done in order to prevent the influence of the aggressor state on the financial market of Ukraine and to expand the list of activities that payment institutions have the right to combine with the provision of financial payment services.

The changes, in particular, concern:

- expanding the list of signs of a less than impeccable business reputation of an individual / legal entity related to compliance with the requirements of the legislation of Ukraine and public order in order to prevent the influence of the aggressor state on the financial market of Ukraine;

- establishing the obligation of the financial service provider to conduct an audit of managers, chief accountants, key individuals, and owners of significant participation regarding their compliance with the requirements regarding business reputation specified in the Regulation on the Authorization of Financial Service Providers and the Conditions for Their Activities in the Provision of Financial Services, taking into account the amendments made regarding the signs of imperfect business reputation;

- granting permission to payment institutions that have the right to open, maintain, and close payment accounts to provide qualified electronic trust services in accordance with the requirements of the legislation of Ukraine in the field of electronic trust services;

- clarifying the distribution of powers of the National Bank committees;

- improving other authorization requirements.

The changes were approved by the Resolution of the Board of the National Bank of Ukraine No. 31 dated March 14, 2025, which comes into force on March 18, 2025.

As the Ukrainian News agency earlier reported, in February, 17 non-bank financial institutions were excluded from the registers.

The number of non-bank financial market participants in February decreased from 872 (as of February 1, 2025) to 855 (as of March 1, 2025), and the number of banks from 62 to 61.

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