PROCEDURE FOR OBTAINING A FINANCIAL LICENSE FOR CURRENCY EXCHANGE

Everyone in Ukraine can buy or sell foreign currency easily and practically anywhere, and starting a legal business providing currency exchange services is not an easy task.

The procedure for licensing activities related to the provision of financial services is quite complex and complex, and many nuances and details must be taken into account, and it is regularly changed and supplemented.

The company “Prikhodko and Partners” has many years of experience in creating financial companies and obtaining licenses for the provision of financial services, it is oriented to all current changes, and it thoroughly understands the process and features of licensing the activity of currency exchange.

Let’s consider this process step by step and in detail.

Licensing activity with exchange currencies is carried out National Bank of Ukraine.

To obtain a currency exchange license, a non-banking financial institution must meet all the criteria of financial legislation and the requirements of licensing requirements approved by the NBU regarding:

• transparency structures property and systems corporate management;
• satisfaction financial state and corresponding size statutory capital;
• a developed business plan and funds sufficient for its implementation for at least one year, but not less than 1,000,000 hryvnias;
• documents for assessing the financial/property status and sources of funds of the direct and final owners of significant participation in the company;
• impeccable business reputation and professional suitability of managers, company owners, and responsible persons;
• absence of violations of the requirements of the regulations of the National Bank and legislation in the field of prevention of money laundering and financing of terrorism and weapons proliferation;
• compliance with requirements for premises, equipment, accounting and registration systems, security and fire safety of cashiers’ workplaces;
• reality credibility and completeness of submitted documents and information;
• internal documents that determine the order of interaction with consumers of financial

In order to obtain a currency exchange license, financial institutions are obliged to ensure the availability of minimum equity capital for trade in currency values in cash form in the amount of 5 million hryvnias in bank accounts.

The National Bank of Ukraine makes a decision on issuing a license or refusing to issue it within a period of no more than 30 working days from the date of receipt of the application for the issuance of the license and the complete package of documents attached to the application.

The National Bank has the right to require the applicant to submit additional documents, information, and explanations to submitted documents and has the right to suspend consideration of documents, in case of discovery of circumstances that may affect the adoption of the relevant decision, no more than 30 working days before the clarification of the circumstances.

The applicant must pay for document review services in accordance with service tariffs approved by the NBU and provide a copy of the payment document.

The National Bank issues a license to a non-bank institution by making an entry in the electronic register within three working days from the day of the issuance decision and informs the applicant of this information by providing an extract from the register.

License on implementation currency operations works indefinitely

Thus, we outlined the main points of obtaining a license, and we kindly invite you to discuss the nuances and details in our comfortable office.

Our lawyers will provide full and comprehensive information at your request, help you prepare and submit the necessary documents and information, monitor the application review procedure and ensure that you receive a license in the shortest possible time.