The National Bank of Ukraine (NBU) introduces the issue of electronic individual currency licenses to individuals, other than entrepreneurs, to transfer foreign currency abroad for the implementation of certain foreign exchange transactions.
“An individual will be able to transfer foreign currency abroad up to the equivalent of $50,000 per one calendar year on the basis of an e-license,” reads a posting on the regulator’s website.
“E-licenses will allow individuals to transfer foreign currency abroad within the set limits to perform three types of foreign exchange transactions: investments abroad, depositing funds in their own accounts abroad, and transactions at the fulfillment of obligations to non-residents arising from life insurance contracts,” it says.
“In order to issue licenses and collect information about the compliance of individuals with the set limits, the NBU establishes a register of individual licenses for foreign exchange transactions, an automated information system (AIS),” the document reads.
“To obtain an e-license, an individual has to apply for a license to any authorized bank where he holds an account and submit, either on paper or electronically, the following documents: an application form for an e-license to be submitted to the NBU, documents proving that an individual’s income is sufficient to make foreign currency transfers on the basis of an e-license, originals or copies of documents the purpose of foreign exchange transfers abroad, except for cases when foreign currency is transferred to the individual’s own accounts,” the NBU said.
“If an authorized bank establishes that information submitted by the applicant is satisfactory and meets the regulatory requirements, it will send this information to the NBU electronically via the AIS so that the latter will issue an e-license to an individual. Upon this request, the NBU will automatically issue an e-license to the individual by making an entry in the AIS. The bank will notify the customer of the issuance of a license,” reads the report.
“The simplified rules governing the issuance of e-licenses will make it easier for individuals to perform foreign exchange transactions and speed up these transactions. At the same time, according to NBU estimates, the volume of these transactions will have no significant impact on the foreign exchange market,” it states.
This system is approved by NBU Board resolution No. 54 of June 15, 2017 on amendments to some NBU regulations. Individuals will be able to obtain licenses via this system from July 3, 2017.
