The NBU approved the procedure for exchanging information about hryvnia accounts of non-residents

The National Bank, in accordance with the requirements of the Law “On Currency and Currency Operations”, introduced the procedure for the exchange of information by authorized institutions about the hryvnia accounts of their clients or users who are non-residents. This was reported by the press service of the regulator.

Photo: bank.gov.ua 0

► Read “Ministry of Finance” on Instagram: the main news about investments and finances

For this purpose, the NBU has developed an automated information system “Register of non-resident accounts” on the Hyperledger fabric blockchain platform.

According to the law on currency, an operation to transfer funds into hryvnias with the participation of a non-resident is a currency operation subject to currency supervision. If there is no information about the recipient’s residency, the authorized institution serving the payer cannot clearly identify whether such a transaction is currency or not. This leads to the risk that this institution will not perform the functions of the currency supervision agent.

“Therefore, the functioning of the Register is necessary to minimize the above-mentioned risks and to improve the conditions of currency supervision by authorized institutions for operations in the hryvnia, which are carried out with the participation of non-residents through these institutions,” the message says.

In order to fulfill the requirements of the law on currency, the National Bank:

• regulated the procedure for informational interaction of authorized persons established for non-resident hryvnia accounts opened in these institutions using the Register;
• obliged authorized institutions to provide the Register with information on all bank or payment accounts opened in these institutions, the owners of which are recognized as non-residents;
• provided an opportunity for the authorized institution to receive free of charge information from the Register about the ownership of an account in hryvnias to a non-resident owner when performing the functions of a currency supervision agent.

Information about the accounts of non-residents will be stored in the Register in encrypted form using a hash function without the possibility of reading the client’s account information.

From October 1, 2023, the Register will be fully operational, including the possibility of obtaining by authorized institutions information on the affiliation of hryvnia accounts to bank or payment accounts owned by non-residents.

According to the NBU, the introduction of the Register will contribute to the expansion of the toolkit for the implementation by authorized institutions of currency supervision over currency operations in the hryvnia.

🕵️ We created a small survey to learn more about our readers.

💛💙 Your answers will help us become the best, pay more attention to topics that are interesting to you. 🤗 We will be grateful if you find a minute to answer our questions.

Source: Ministry of Finance

Views: 10