Corresponding changes are implemented by the decision of the National Bank of Ukraine from April 1, No. 56, while it is foreseen that they will begin to operate on April 4.

The new Instruction simplified the procedure for opening accounts of clients. In particular, now, when opening accounts, bank customers are not required to submit cards with signature samples. Also, changing the name of a legal entity does not involve closing current accounts.

Another innovation is the cancellation of client account regimes (ie, restrictions on account operations), while some features of transactions on individual clients' accounts are foreseen.

It is determined that banks open accounts for legal entities - non-residents and representative offices of non-resident legal entities in Ukraine (including representative offices of foreign investors for product distribution agreements on the territory of Ukraine), provided that they submit a copy of the document on their registration with the controlling body. This requirement does not apply to accounts of foreign investors (individuals and legal entities, banks), nominee holders and correspondent accounts opened to non-resident banks in Ukrainian banks.

It should be noted that the right to open accounts in Ukrainian financial institutions and to conduct foreign exchange transactions for foreign companies is stipulated by the Ukrainian laws "On currency and currency transactions", "On amendments to some laws of Ukraine regarding the promotion of foreign investment attraction", as well as the Association Agreement between Ukraine and The European Union.

The National Bank believes that the simplifications provided for by the updated instruction will positively affect the conditions for doing business in Ukraine.

At the same time, liberalization of non-resident transactions may be associated with the risk of using the banking system of Ukraine by shell companies, which are often participants in money laundering schemes. For this reason, the National Bank simultaneously amended the provision "On the implementation by banks of financial monitoring", which provides for the definition of "shell company", the procedures for analyzing documents for the search for such firms. Also, the document indicates the NBU's procedures if the client refuses to provide documents or they are insufficient for analysis, and if there is evidence that the company is a "shell".