Zelensky signed the law on expanding the powers of the National Bank of Ukraine

The President of Ukraine, Volodymyr Zelenskyi, signed a new law that significantly expands the powers of the National Bank of Ukraine (NBU) to regulate financial services markets. People's deputy Yaroslav Zheleznyak announced this on his Telegram page, noting that draft law No. 11043 was adopted with the aim of improving the NBU's functions in this area.

The main goal of the new law is to create more favorable conditions for the provision of payment services by non-bank institutions, in particular, financial companies, pawnshops and credit unions. These institutions can now provide payment services based on their basic license without having to obtain an additional one. This simplifies the process of providing financial services and allows more effective regulation of the activities of non-bank providers.

According to the new legislation, the NBU gets the right to set regulatory capital requirements for non-bank institutions that provide payment services. This makes it possible to increase the level of control over financial institutions and reduce risks in the market of payment services.

The law also provides for increased liability for violations in the field of payment services. In particular, the maximum fine for payment service providers, including banks, is increased to 5% of the amount of transactions carried out with violations. Previously, the maximum fine was only 170,000 hryvnias. Such a change will make it possible to fight violations more effectively and increase the level of responsibility of financial institutions.

In addition, the law expands the possibilities of the NBU to carry out inspections in the field of financial services. Now the regulator will be able to carry out checks not only in the traditional offline format, but also in the online mode. This means that all necessary documents and information must be available for verification at a remote level, which significantly increases the effectiveness of control.

An important part of this draft law is the fight against financial fraud, in particular with drops — schemes used to disguise illegal financial transactions. As Yaroslav Zheleznyak noted, the new law should help identify and counter similar abuses in the financial markets of Ukraine.

In general, the signed law is an important step for improving the financial system of Ukraine. It will contribute to increasing the level of trust in financial institutions, as well as create more transparent and efficient mechanisms for providing payment services in the country.