The National Bank has expanded the grounds for conducting unscheduled inspections of banks
Photo: NBU

The National Bank of Ukraine has made changes to the system of control over banks' activities in the field of cash circulation, the NBU press service reported.

This concerns monitoring banks' compliance with requirements for cash transactions, cash collection, transportation of foreign currency, and protection of premises.

The changes apply to both scheduled and unscheduled on-site inspections.

The main changes identified by the National Bank are as follows:

  • the procedure for notifying inspections has been clarified;
  • it is permitted to create documents during the inspection in both paper and electronic form, as well as to use video from surveillance cameras;
  • it is determined what information the inspection documents must contain;
  • clear rules for inspectors' access to necessary documentation have been established;
  • The grounds for unscheduled inspections have been expanded, in particular if the bank is recognized as problematic;
  • The procedure for drawing up acts of denial or obstruction of inspection has been clarified.

The NBU explains that the new procedure should improve the organization of bank inspections at all stages – from planning to the possible application of impact measures.