NBU plans to actively influence unlicensed activity in financial market

MOSCOW. Oct 18 (Interfax) - The National Bank of Ukraine (NBU) has stepped up regulation of unlicensed activity in the financial market and has introduced in-depth inspections, also developing the practice of influencing such companies, NBU Governor Andrei Pyshny said.

"If we see that some economic agent or a company offers services which, in our professional judgement, can be identified as financial or banking payment services, but this agent lacks the appropriate license, we will organize an in-depth inspection," Pyshny said in an interview with Ukrainian media.

Such a check may prompt the NBU to take certain measures of influence and assess the operations of a company and those who founded it, he said.

"This practice is still being developed. The banking oversight service and the team that is working on this issue are now handling at least three such cases," he said.

The market is sufficiently flexible, and is profoundly analyzing regulations all the time, Pyshny said. In addition, the market has the necessary human and financial resources to find technological solutions and create quite sophisticated large-scale patterns.

"The same arrangements using drops require complex technological and organizational solutions. But as long as they stay highly profitable, the circumstance that we are also dealing with, investments in them will continue," he said.

This arrangement can be formed due to the presence of demand for these services as well, he said.

"Who creates demand for tax optimization services when paying salaries? This demand really costs billions. But, as a result, the budget under receives certain funds, the government starts to propose reviewing fiscal legislation, and there is tax pressure on fledgling businesses. Therefore, if you prefer, what we need is a new social contract model," Pyshny said.