The NBU obliged banks and financial institutions to report on active transactions of credit debtors
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The National Bank has approved reporting rules for financial market participants on active operations of credit debtors.
About this it is said on the NBU website.
The rules are introduced to supervise the activities of financial market participants and assess the effectiveness of credit risk management.
According to the approved rules, reporting to the National Bank on active transactions must be submitted by:
- banks of Ukraine;
- financial companies that have the right to provide at least one of the financial services, namely: providing funds and bank metals on credit, providing guarantees, factoring, financial leasing;
- credit unions.
It is about reporting on the debtor’s active operations, if the total amount of obligations (total amount of debt) is equal to or exceeds UAH 50,000 (or the equivalent of this amount in foreign currency). Such reporting must be submitted before the full termination of the obligations of this debtor.
Banks of Ukraine, financial companies and credit unions must submit reports on active operations to the National Bank in the following terms:
- From July 1, 2024, – information on transactions by types of financial services defined in clauses 2, 4-6 of the first part of Article 4 of the Law on Financial Services, as well as information on debtors and persons related to debtors and such transactions;
- From October 1, 2024 – information in full.
It is reported that in order to ensure a comfortable transition of market participants to the fulfillment of the new requirements, the regulator will temporarily not apply influence measures for violations of the specified rules: to banks – for the reporting dates of July 1, August 1, and September 1, 2024; to financial companies – for each reporting date in the period from July 1 to December 1, 2024; to credit unions – for each reporting date in the period from July 1, 2024 to June 1, 2025.
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