The National Bank of Ukraine (the “NBU”) issued Resolutions No. 366 dated 04 August 2016 and No. 368 dated 11 August 2016 (the Resolutions) amending and cancelling a number of effective Regulations of the NBU. The Resolutions allow submitting photocopies of the documents instead of the originals to the servicing banks in Ukraine in order to perform certain banking operations.

According to the Resolutions, an eligible copy of a document could be either

  • in electronic form – in this case e-signature of a respective person should be affixed to a scan of the original document to certify its accuracy; or
  • in paper form – in this case paper copy should be certified by the client’s signature and a corporate stamp (if applicable).

Servicing banks accept electronic copies via Client-Bank and Client-Internet-Bank program tools, while paper copies should be submitted to the servicing bank physically and further stored by such bank. Such liberalization of rigid legal requirements with respect to the form of documents to be submitted to the banks applies nowadays, among others, to:

  1. banking operations on transfer of foreign currency abroad with the purpose to return foreign investments and/or profits, or other amounts received by a foreign investor from its investment activities in Ukraine;
  2. banking operations on sale and exchange of foreign currency at the interbank currency market of Ukraine for fulfillment of obligations under trade and non-trade operations vis-à-vis non-residents;
  3. banking operations on sale and exchange of foreign currency via correspondent accounts of (a) Ukrainian banks in foreign currency and (b) nonresident-banks in Ukrainian Hryvnyas;
  4. registration of loans from the non-residents and banking operations under such loan agreements.

It is expected that the above changes will generally expedite the workflow in the concerned banking operations and allow substantially more comfort the banks’ clients.

Legislation: Regulation of the National Bank of Ukraine “On Introducing the Amendments to Certain Regulations of the National Bank of Ukraine” No. 366 dated 04 August 2016; Regulation of the National Bank of Ukraine “On Introducing the Amendments to Certain Regulations of the National Bank of Ukraine” No. 368 dated 11 August 2016.