The National Bank of Ukraine (NBU) is submitting for discussion updated rules for detecting unlicensed operations in the non-bank financial services market.
These changes are aimed at strengthening control over dubious transactions – from currency exchange to payment transfers. The regulator seeks to protect citizens from the risks of fraud and illegal schemes.
The new rules apply to providers of non-financial payment services, taking into account the requirements of the Law “On Payment Services” regarding open banking, which will come into effect on August 1, 2025.
The NBU clarifies the analysis procedure: first, preliminary screening, then an in-depth check with the possibility of involving experts. If the operation has signs of a financial service without a license, it will be blocked immediately.
Administrative proceedings are now clearly regulated: the Committee for Supervision of Banks and Markets prepares recommendations, the NBU Board makes the final decision.
The powers are distributed between collegial bodies for efficiency — this will speed up the response to complaints or signals from banks. Based on the results of the inspection, companies are obliged to stop illegal activities.
