The changes are another step in line with international banking supervision standards, the regulator said.
The National Bank of Ukraine changed its organizational structure in accordance with the terms of the memorandum with the IMF to strengthen supervision of the financial market. This was reported on the regulator’s website on Friday, April 21.
It is indicated that it was decided to reorganize the Department of Banking Supervision and create in the structure of the NBU:
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Department of Integrated Supervision of Banks;
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Monitoring department related to the bank.
“Such changes are the next step in accordance with the international standards of banking supervision (Basel Basic Principles for Effective Banking Supervision). They take into account the results of the joint work of NBU and IMF experts on strategic planning duties in banking administration,” the message said.
The Integrated Banking Supervision Department will have expanded powers and responsibilities. It will not only continue to perform all the functions of the Banking Supervision Department, but will also perform certain supervisory functions over payment service providers to ensure that they comply with the requirements of the Law of Ukraine On Services in Payment.
The Department for Monitoring Bank-Related Persons will perform the following duties:
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identification in the course of banking administration of signs of people’s connection with banks;
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preparation of proposals for the definition of persons related to banks for the consideration of the Committee for Supervision and Regulation of Banks, supervision of payment infrastructure;
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exercise of control over the operations of banks by persons related to the bank.
The Department of Integrated Supervision of Banks and the Department for Monitoring Bank-Related Entities are part of the Prudential Supervision chain of command, whose overall management is carried out by the Deputy Head of the NBU Dmitry Oleinik.
Earlier on Friday, it was reported that the NBU eased restrictions on the cash foreign exchange market and a number of administrative restrictions.
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Source: korrespondent
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