OREANDA-NEWS. As part of the efforts to eliminate red tape associated with the FX regulation, the National Bank of Ukraine simplifies the rules governing the use of foreign currency by insurance companies. The regulator has amended the Regulation on the Use of Foreign Currency by Insurance Companies to this effect.

First, the NBU  has repealed the requirement for insurance companies to translate documents available in foreign languages. Going forward, these documents shall be translated only upon the request of the bank that exercises control over such operations.

Second, from now on, banks shall be allowed to perform FX operations not only on the basis of original documents but also their copies. Original documents and their copies shall be accepted in paper or electronic format.

This move will enable banks to accelerate the customer servicing process during the execution of foreign exchange transactions,  automate the processing and storage of documents, and free bank customers from  the burden    of excessive  red tape associated with documentation of FX transactions.

Third, the NBU relaxes the requirement for the execution of copies of documents required for  the exercise of foreign exchange control over insurance operations. Up until now, copies of certain documents were required to be notarized. From now on, the regulation will allow banks to accept copies of such documents certified by a bank customer. Bank customers are no longer required to have translated documents notarized. These documents can be certified by customers.