New NBU Regulation during martial law
The new NBU Regulation introduces simplification of financial monitoring! customer identification! and control procedures! but at the same time emphasizes the need for a balance between regulatory flexibility and strict control.
Martial law in Ukraine has opened up many new challenges! and one of Simplification of procedures the most pressing has been the issue of financial stability and security. For those facing regulatory changes! this is not just an abstract topic! but a real struggle to comply with the law in an environment where the system is operating at the limits of its capabilities.
At the end of 2024! the National Bank of Ukraine approved a linkedin content marketing expert new Regulation on the procedure for organizing the implementation of certain legislative requirements in the field of financial monitoring! currency supervision! and the Simplification of procedures implementation of sanctions policy . Its adoption caused mixed reviews: some perceived it as a necessary step towards adapting the regulatory environment! others saw the risks of increasing bureaucratization in an area that requires flexibility.
What has changed: key aspects
The main goal of the Regulation is to increase the efficiency of compliance with legal requirements in difficult wartime conditions . However! the changes turned out to be so large-scale that they covered almost all aspects of financial monitoring! starting with customer identification and ending with on-site inspections of banking institutions. Let’s consider specifically raised the issue of the timing the main innovations:
Simplification of identification procedures :
A simplified identification mechanism has been introduced for buyers of “military bonds”.
Limits for remote identification of individual clients have been increased.
The use of a pension certificate as an additional document during video verification is allowed
These measures certainly simplify citizens’ access to important financial instruments. But do they solve the problem of distrust that still haunts the financial monitoring system? In my opinion! this is only one step! albeit an important one.
Features of working with clients during martial law :
Banks were given the right to accept expired documents! as well as to work under special atb directory conditions for updating data.
On the one hand! this facilitates customers’ access to banking services even in crisis circumstances. On the other hand! questions arise about the reliability of such data in the long term.
