The National Bank of Ukraine has simplified the entry into the country's market of international electronic payment systems

    Today, a notice on the adoption of several decisions appeared on the website of the Ukrainian banking regulator , the purpose of which is to facilitate the entry into the market of electronic payment systems, such as PayPal, ApplePay, GoogleWallet and several others. The adopted resolution numbered 480 specified the specific conditions under which a payment system can be entered in the NBU Register and indicated the requirements for paperwork for such registration.

    This decision actually simplifies the procedure for obtaining a license by non-banking financial institutions that want to work in Ukraine. We were able to achieve this 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 needs to submit to the NBU a request to coordinate its activities in accordance with the regulator’s norms, an extract from the judicial or bank register of a foreign state on the right to make payments and (the most voluminous document) an information note describing the mechanics of the payment system. The NBU is obliged to consider the submitted application within 30 days and notify in writing of its decision.

    In accordance with the existing Ukrainian legislation on combating money laundering, as well as in accordance with the recommendations of the Group for the Development of Financial Anti-Money Laundering Measures (FATF), the authors of the document have 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 hryvnias or its equivalent in foreign currency. To receive an amount that exceeds this limit, the user of the payment system will have to provide their passport data. The payment system must store information regarding financial transactions performed for 5 years.

    In May this year, the American Chamber of Commerce in Ukraine (ACC) clarified in an open letter, that the main obstacle to the emergence of electronic payment systems in Ukraine is regulatory restrictions. The authors of the statement noted that here the initiative now belongs to the NBU, which is required to take steps to simplify the regulatory policy. It is still unclear whether the documents adopted today will become a sufficient reason for any real action on the part of PayPal or Google Wallet to enter the Ukrainian market.

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