NBU Allows Small Payment Companies to Combine Key Functions

The National Bank of Ukraine proposes to reduce regulatory and personnel costs for companies with a targeted regulatory capital of less than 40 million UAH, allowing them to combine key functions. A draft amendment to the requirements of the management system for financial payment service providers has been submitted for discussion. In particular, one person will be able to simultaneously perform the functions of the chief risk manager and the chief compliance manager in one company. It is also proposed to allow the performance of internal auditor functions by a specialist working in other companies. The simplification will only apply to payment service providers with capital of less than 40 million UAH. If a company's capital reaches this threshold, it will have to switch to a model with a separation of functions within three months. The NBU explains the changes as necessary for applying the principle of proportionality in regulation, reducing personnel costs, and facilitating the attraction of qualified specialists.

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