The National Bank of Ukraine (NBU) has issued a written warning to NovaPay LLC for violations of legal requirements within the payment market. The company has a maximum of 30 calendar days from the receipt of this decision to rectify the identified shortcomings. This was reported by Dilo, citing a statement from the NBU.
**Warning from the NBU**
The violations relate to the organization and proper functioning of the internal control and risk management system. Specifically, the regulator identified deficiencies in the monitoring of NovaPay’s compliance with prudential standards, as well as in the accuracy of the information submitted by the company to the NBU. The decision to apply this supervisory measure was adopted on October 16 by the NBU’s Committee on Supervision and Regulation of Banks and Oversight of Payment Infrastructure, following an off-site review of the company’s operations.
The National Bank determined that there were violations of the Law “On Payment Services” and the Regulation on Requirements for the Management System of a Financial Payment Service Provider. NovaPay is required to take steps to rectify these violations and prevent their recurrence in future operations.
**NovaPay’s Position**
NovaPay’s press service informed Dilo that the company will take the necessary measures to address the regulator’s concerns within the specified timeframe.
“We are working on improving our internal control and risk management, specifically regarding compliance with prudential standards and the accuracy of the information we submit to the NBU,” the company emphasized. They added that it is important for NovaPay to ensure an appropriate level of control over all processes and to comply with the requirements of legislation regulating activities in the payment market.
