How banks will control foreign currency accounts of non-residents
In accordance with the amendments to the Law of Ukraine "On Currency and Currency Operations" banks shall exchange information on the bank accounts opened for non-residents in order to conduct foreign exchange supervision of transactions carried out by the customers through these banks.
Through a special register, banks will be able to find out whether their non-resident customers have accounts in other banks. The National Bank of Ukraine will establish rules for entering information into the register, as well as those who will have access to the information in it.
Such changes should ensure that banks (without attracting customers) receive reliable information about the residence of account holders opened with other banks, and identified currency transactions in hryvnias that are subject to foreign exchange supervision.
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