NBU proposes increasing transparency of transactions accepting cash for remittances
The National Bank of Ukraine (NBU) has proposed that non-bank financial institutions and commercial agents of banks that are providing money transfer services are obliged to open separate accounts in banks and send cash in hryvnias for remittances to these accounts.
The proposal is outlined in draft NBU board resolution amending NBU board resolution No. 42 dated February 12, 2013 posted on the central bank's website for public discussion.
"The draft resolution is intended to toughen control over transactions of non-banking financial institutions and commercial agents of banks in accepting cash for money transfers. The adoption of the resolution would allow providing for transparency of these transactions and avoiding risks of using the cash in shadow schemes," the NBU said.
