OREANDA-NEWS. On 17 February 2016, the Board of the National Bank of Ukraine issued Resolution No. 88 amending the Regulation on the Procedure for Conducting Inspections to Verify Banks’ Compliance with the Law of Ukraine "On Prevention and Counteraction to Legalization (Laundering) of the Proceeds from Crime, or Terrorist Financing" (hereinafter Resolution No. 88).

The NBU adopted this resolution to streamline the procedure for conducting on-site inspections and performing off-site banking supervision by the NBU to verify the compliance of banks, their separate units, branches of foreign banks, resident non-bank financial institutions which are payment organizations and/ or members/participants of payment systems and their separate units, with the laws on prevention and counteraction of legalization (laundering) of proceeds from crime, terrorist financing, and financing of proliferation of weapons of mass destruction with respect to the provision by these institutions of money transfer services under appropriate licenses, including licenses issued by the NBU (except mail operators in terms of their money transfer services). 

Resolution No. 88 enters into force from the day following its official publication.