State Tax Service supports initiative of the National Bank of Ukraine regarding ensuring transparency of the payment services market

Press service of the State Tax Service of Ukraine, published 12 December 2024 at 14:21 Chapter: News

In the context of Ukraine’s integration to the European Union and strengthening financial transparency, the country’s Payment Service Providers initiated signing of Memorandum on ensuring transparency in functioning of the banking payment services market. The goal is to bring current market practice establishing business relationships and servicing clients – individuals, individuals-entrepreneurs into the line with requirements of the EU legislation.

What does this mean?

Memorandum is aimed at increasing transparency in work with clients, in particular individuals and individuals-entrepreneurs by unifying market practices and strengthening trust in the financial system. At the same time, implementation of these measures will contribute to minimizing size of shadow economy, which will have a positive impact on the overall economic development of Ukraine and its financial stability.

Main areas of implementation:

Memorandum provides for a number of key measures to increase transparency and security of the financial market. Among them: due diligence of customers establishing business relationships, monitoring financial transactions using a risk-based approach to identify and prevent potential threats, implementing automated anti-fraud systems to protect against fraud and exchanging information between the market participants regarding suspicious transactions.

Principles guaranteed by the Memorandum:

basic principles of this Memorandum are to ensure the inviolability of private property, which ensures free access and disposal of own funds and savings for bona fide clients, which will contribute to strengthening public confidence in the financial system, as well as maintaining fair competition between the payment service providers.