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21 November 2022, 07:23 PM

Ukraine’s regulator revokes licenses of credit union, financial company

TheNational Bank of Ukraine or NBU has revoked all licenses for financial services provided by the Ukrainian Savings Center credit union and Primary Capital Financial Company LLC, the regulator’s press service reported on Nov. 21.

It said the relevant decision was adopted on Nov. 18 by its committee for supervision and regulation of non-banking financial services markets.

The NBU attempted to carry out an unscheduled inspection of the said financial institutions in October of this year.

“The fact of a refusal to submit to an inspection was established and recorded during an attempt to carry the inspection out,” the NBU said.

“Persons authorized to represent the interests of the credit union and the financial company were absent on the day of the inspection. This made it impossible for the National Bank to carry out an unscheduled inspection.”

The regulator also explained that the absence of persons authorized to represent the interests of the credit union and the financial company during the first day of the inspection is grounds for the application of influence measures in the form of license revocation.

The relevant decision comes into force on Nov. 21, 2022.

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