The relevant changes were introduced by the Resolution of the NBU dated October 16, 2018, No. 109, and entered into force on October 24, 2018 (with the exception of the provisions for making  payments by non-bank financial institutions for the approval of amendments to its internal rules on transfer of funds, which will come into force on April 1, 2019).

The purpose of these changes is to provide the implementation and monitoring of the effectiveness of the sanctions imposed by the National Security and Defense Council, according to the law "On sanctions", as the regulator explained.

Consequently, the NFI may now lose their licenses for the following actions:

- failure to provide money transfer services within one calendar year;

- termination of the provision of money transfer services for more than six months (180 calendar days) and not restoration of such activity within 90 calendar days from the day of notification of this by the NBU;

- repeated failure to comply with the requirements and decisions of the NBU on the provision of information, documents, and reporting;

- detection of two or more violations of the NFI requirements of regulatory acts of the NBU regarding the implementation and monitoring of the effectiveness of the sanctions imposed by the National Security and Defense Council;

- the presence of documented information from the state law enforcement agency, which ensures the state security of Ukraine, that the activities of the NFI contain risks of threats to the national security of Ukraine.

In addition, the changes clarify the list of circumstances in which the business reputation of the NFI can not be considered flawless. Besides, the procedure for developing the internal documentation is specified. Thus, it has been established that the licensed NFI must, prior to the day of the first transfer operation (but within a maximum of one month), develop and approve internal documents on the implementation of personal special economic and other restrictive measures (sanctions) taking into account the legislation of Ukraine on sanctions and regulatory acts of the NBU in the field of ensuring the implementation and monitoring of the effectiveness of personal special economic and other restrictive measures (sanctions).

Note that information on issued, revoked, canceled licenses will be posted on the NBU website within 3 business days from the date of the relevant decision.