Restrictions will be imposed for mobile operators


The new law will come into effect from April 28

Legislation on financial monitoring: whether restrictions will be implemented for mobile operators. Photo:

Mobile operators will be able to provide mobile services to their users as before, including unknown customers. As specified on the NBU website, the new law is “Prevention of money laundering and prohibition of terrorism, financing of terrorism and financing of proliferation of weapons of mass destruction” (which is also the law on financial surveillance), on 28 April of this year Applies, not regulated by telecommunications. Relationship between services and mobile operators and their customers.

As the NBU Press Service made it clear, the concern of mobile operators due to the entry into force of the law is unfounded. After April 28, they will, as before, be able to provide telecommunications services without any restrictions, the National Bank reports. It is necessary to identify and verify the users of technical electronic wallets (transit, analytical):

  • Started by Mobile Subscriber
  • Which is used for “technical purposes”
  • Which are not related to initiation of transfer by the user in favor of other persons

like this Payment for mobile communication will be without change and restriction. At the same time, if a customer takes the initiative to open an electronic wallet in person and intends to transfer money to other individuals, financial institutions within the framework of the law will have to do a proper verification of such customer, in which his identity and Verification is included.

As noted by the NBU, the regulator will establish a longer transition period by 1 January 2021, so that “all market participants have sufficient time to restructure their automated systems and internal processes.” By this date, financial institutions will be able to conduct the due diligence of users of electronic wallets, based on the rules that the National Bank will develop and approve by July 28, 2020. In particular, such rules will govern the verification of e-wallet users. Therefore, the regulator’s intention is to offer simplified procedures to identify users of limited electronic wallets. Financial institutions will be able to identify the customer:

  • Copies of his identity documents (passport and identification code)
  • Taking a photo of the customer along with your identity card (passport)

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On 28 April, the “Law on Prevention and Prohibition for the Validation of Criminally Obtained Results” will come into force, which will allow banks to identify and verify without the customer’s personal presence. For these purposes, regulators and participants in the financial market have developed new tools and methods for remote identification.

Banks will be able to independently select verification models, including: full-fledged models of remote identification and verification (which limits will not be set) and simplified models that include transaction volume and balances on customer accounts The amount is included.

Read: New law on financial monitoring: for which bank accounts will freeze


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