The Regulator Updates Supervision Procedures for Financial Monitoring, Currency Control, and Sanctions Compliance

The National Bank of Ukraine (the NBU) has amended the procedures for organizing and conducting supervision in financial monitoring, currency supervision, and sanctions implementation. The changes aim to enhance supervisory efficiency while reducing the administrative burden on financial institutions and other regulated entities, the NBU says. 

Key changes include:

• Extended Timeframes for Inspections. New provisions allow for extension of deadlines for both scheduled and unscheduled on-site inspections; 
• Revised Remedial Action Timelines. Modified deadlines to submit remedial action plans to the NBU; and 
• Digital Documentation Options. The NBU will now provide inspection certificates and off-site supervision reports in both paper and electronic formats. 

Regulated entities should review their internal procedures in line with the updated NBU requirements, particularly regarding response times to audit results and the format of interaction with the regulator. 

Effective as of June 24, 2025, the amendments were introduced through NBU Board Resolution No. 67 dated June 21, 2025, which modifies "Regulation on the Procedure for Organizing and Conducting Supervision in Financial Monitoring, Currency Supervision, and Implementation of Special Economic and Other Restrictive Measures (Sanctions)" dated 30 June 2020 No 90.