NBU approves use of digital signature in credit documents, unifies assessment of collateral cost risk
The National Bank of Ukraine (NBU) has permitted banks to collect credit documents (the case) of debtors using electronic documents drawn up and signed by the bank and debtors using the electronic digital signatures.
The amendments to resolution No. 351 dated June 30, 2016 on determining the credit risks by banks were approved in NBU board resolution No. 75 dated August 4, 2017.
According to the website of the central bank, the amendments suit the requirements of the law on consumer crediting, which allows signing consumer crediting agreements in the electronic form.
In addition, amendments to resolution No. 351 include the unification of banks' approaches to the assessment of collateral property cost risk. The collection of this property is restricted in Ukrainian legislation. The new resolution sets a requirement to banks to determine the sides in factoring transactions with resource and sets the rules for assessing housing and construction cooperatives.
The amendments took effect on August 9, 2017.
