Ukraine has updated requirements for payment transactions with cash by payment service providers - NBU
Kyiv • UNN
The National Bank of Ukraine has updated the procedure for cash handling and payment transactions. Restrictions have been set for business entities to transfer cash without opening an account, but there are no changes for individuals.
The National Bank of Ukraine has updated the procedure for organizing cash operations by banks and payment transactions by payment service providers in Ukraine. This was reported by the press service of the NBU, UNN reports .
Details
It is noted that in order to increase the transparency of payment transactions and prevent financial transactions with cash that pose a high risk of being used for illegal purposes, certain restrictions have been established on cash transfers without opening an account.
The NBU stated that payment service providers are obliged to credit funds from cash transfer transactions without opening an account to the accounts of business entities on a mandatory basis. In other words, cash withdrawals by transfer without opening an account for business entities are possible only from their accounts (after preliminary crediting them in non-cash form).
At the same time, the NBU noted that there are no such restrictions for individuals. Citizens can still choose the type of transfer and payment with business entities for services or goods that is convenient for them - in cash or non-cash.
Such rules are contained in Resolution of the NBU Board dated August 23, 2024 No. 101 "On Approval of Amendments to the Instruction on the Procedure for Organizing Cash Operations by Banks and Conducting Payment Transactions by Payment Service Providers in Ukraine", which comes into force on August 29, 2024.
In addition, the NBU has settled the issue by this resolution:
- liability of payment service providers to users when providing payment services;
- withdrawal from circulation and transfer of doubtful banknotes (coins) by financial institutions for examination by the NBU and reduction of the timeframe for such examination.