The National Bank of Ukraine has simplified the entry into the country’s market of international electronic payment systems
Today, the website of the Ukrainian banking regulator has received a notification of the adoption of several resolutions, the purpose of which is to simplify the entry of electronic payment systems into the market, such as PayPal, ApplePay, GoogleWallet and several others. In the adopted resolution No. 480, they clarified the specific conditions under which the payment system can be entered in the Register of the National Bank of Ukraine and indicated the requirements for the paperwork for such registration.
This resolution actually simplifies the procedure for obtaining a license by non-banking financial institutions that want to work in Ukraine. This could be achieved both by optimizing the number of documents required for obtaining a license, and by simplifying the procedure for their consideration by a special commission. In fact, the payment system must submit to the NBU a petition for coordinating its activities in accordance with the regulations of the regulator, an extract from the judicial or banking register of a foreign state on the right to make payments and (the most lengthy document) an information note describing the mechanics of the payment system. The NBU is obliged to consider the application submitted within 30 days and notify in writing of its decision.
In accordance with the existing Ukrainian legislation on countering money laundering, as well as in accordance with the recommendations of the Financial Action Task Force on Money Laundering (FATF), the authors of the document limited the maximum amount of payment in national currency that can be made without identification in the international payment system. Now this amount is limited to 15,000 hryvnia or its equivalent in foreign currency. To obtain an amount that exceeds this limit, the user of the payment system will have to provide their passport data. The payment system must keep the information regarding the financial transactions to be made within 5 years.
In May of this year, the American Chamber of Commerce in Ukraine (ACC) explained in an open letter that the main obstacle to the emergence of electronic payment systems in Ukraine are regulatory restrictions. The authors of the statement noted that the initiative now belongs to the NBU, which is required to take steps to simplify the regulatory policy. So far, it is unclear whether the documents adopted today will be a sufficient reason for some real action by PayPal or Google Wallet to enter the Ukrainian market.
This resolution actually simplifies the procedure for obtaining a license by non-banking financial institutions that want to work in Ukraine. This could be achieved both by optimizing the number of documents required for obtaining a license, and by simplifying the procedure for their consideration by a special commission. In fact, the payment system must submit to the NBU a petition for coordinating its activities in accordance with the regulations of the regulator, an extract from the judicial or banking register of a foreign state on the right to make payments and (the most lengthy document) an information note describing the mechanics of the payment system. The NBU is obliged to consider the application submitted within 30 days and notify in writing of its decision.
In accordance with the existing Ukrainian legislation on countering money laundering, as well as in accordance with the recommendations of the Financial Action Task Force on Money Laundering (FATF), the authors of the document limited the maximum amount of payment in national currency that can be made without identification in the international payment system. Now this amount is limited to 15,000 hryvnia or its equivalent in foreign currency. To obtain an amount that exceeds this limit, the user of the payment system will have to provide their passport data. The payment system must keep the information regarding the financial transactions to be made within 5 years.
In May of this year, the American Chamber of Commerce in Ukraine (ACC) explained in an open letter that the main obstacle to the emergence of electronic payment systems in Ukraine are regulatory restrictions. The authors of the statement noted that the initiative now belongs to the NBU, which is required to take steps to simplify the regulatory policy. So far, it is unclear whether the documents adopted today will be a sufficient reason for some real action by PayPal or Google Wallet to enter the Ukrainian market.
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Source: https://habr.com/ru/post/293092/
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