The document introduces amendments to the laws of Ukraine "On Payment Services," "On Financial Services and Financial Companies," "On Insurance," and "On Credit Unions." It simplifies the provision of payment services by non-bank institutions (financial companies, pawnshops, credit unions), and includes an increase in the amount of fines for all supervisory and oversight entities, which will be comparable to the revenues of payment service providers, including banks, states the explanatory note of the draft law.
Additionally, the list of restricted payment services has been expanded to exclude transactions for refunding to anonymous subscribers and to ensure the ability to conduct inspection checks remotely (without visiting the supervisory entity at its location).
Thus, the law requires banks and other financial institutions to provide information upon request from law enforcement agencies, including data on financial transactions and the directions in which funds were transferred. This is particularly aimed at combating droppers – individuals who, for a fee, transfer their account details and card information for use by third parties. These accounts are used as "transit" accounts for transferring and "laundering" illegal funds, as previously explained by the NBU.
"To prevent or cease erroneous, improper payment transactions that exhibit signs of criminal offenses, payment service providers are obligated to promptly provide information regarding such payment transactions in response to electronic requests from the National Police of Ukraine, including the surname, first name, and patronymic (if available) of the recipient (full name), the full name of the payment service provider of the recipient, the unique identifier of the recipient, the identifier of the payment device, the code identifying the transaction in the payment system, the full number of the issued payment instrument, and the account number of the recipient," – is stated in the draft law, which was approved by the Rada on October 8.
This draft law also stipulates that united credit unions can attract loans from foreign donors in foreign currency.