The National Bank will strengthen control over the financial market.

NBU has established a Related Parties Monitoring Department to enhance supervision over the financial market

The National Bank of Ukraine has decided to change its organizational structure in order to improve supervision over the financial market, particularly regarding the monitoring of related parties.

For this purpose, it was decided to reorganize the Department of Monitoring Related Parties with Banks and create a Related Parties Monitoring Department on its basis.

These changes will improve the performance of functions related to monitoring and identifying parties related to banks, as well as controlling those related to non-bank financial institutions.

The Related Parties Monitoring Department will inherit all functions performed by the Department of Monitoring Related Parties with Banks, as well as new functions defined by Ukrainian legislation:

• identifying signs of relatedness and grounds for determining parties related to banks and non-bank financial institutions during supervision;
• preparing proposals for determining parties related to banks and non-bank financial institutions and submitting these issues for consideration by the relevant committees;
• controlling the operations of banks and non-bank financial institutions with related parties, as well as ensuring compliance with legislation regarding the identification of related parties.