The regulator reported the results of 40 inspections of structural units of 15 non-banking financial institutions.
The National Bank of Ukraine has canceled the licenses of four financial companies that have more than 600 currency exchangers. This was reported on the regulator’s website on Friday, August 5.
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Thus, FC Constanta M, DSD Finance, 24 Online and Financial Guarantee have had their licenses revoked for violating the requirements of the monetary law. These companies cover approximately 15% of the cash currency exchange market and have more than 600 currency exchange offices.
Two other companies – FC Finofi and 24 online – were fined. The amount of the fine is 151 thousand hryvnias to each institution for the revealed violations of the law of Ukraine In preventing and countering the legalization (laundering) of proceeds from crime, the financing of terrorism and the financing of the spread of weapons of mass destruction and the law of Ukraine On transactions in currency and foreign exchange. Written disclaimers are also applied to these two financial companies.
The NBU recalled that in order to reduce speculation in the foreign exchange market during the war, the requirements for non-banking financial institutions and postal operators trading in cash values (currency exchange) were tightened.
The regulator began unscheduled on-site inspections of structural units of institutions with NBU licenses to conduct foreign exchange transactions, on issues of their compliance with the procedure for settlement and conducting trades in foreign exchange rates in cash, the regulator determined.
On August 4, the National Bank conducted 40 inspections of structural units of 15 non-banking financial institutions.
“The facts have been established that members of the inspection team were not allowed to conduct unscheduled on-site inspections, blocking the conduct of such inspections, the execution of currency exchange transactions without their documentation and other violations… .
As you know, at the end of July, the NBU accused exchangers of hryvnia devaluation. Now all transactions must be recorded on video, and information about courses is prohibited from being displayed on the scoreboard. As a result, the dollar’s cash exchange rate began to decline.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.