The National Bank of Ukraine in 2017 revealed 115 illegal currency exchange outlets of non-banking financial institutions.
The regulator announced on its website that illegal currency exchange outlets were found mostly in the city of Kyiv, as well as Donetsk, Zakarpattya, Zaporizhzhya, Ivano-Frankivsk, Kyiv, Kirovohrad, Lviv, Mykolaiv, Ternopil, Kharkiv and Chernivtsi regions.
The National Bank passes information on illegal currency exchange outlets on to law enforcement authorities. The most significant offences of currency exchange transactions procedure were operating currency exchange transactions without due registration, significant discrepancies between the amounts of cash in the cash register of the non-banking financial institutions and the accounting documents, non-provision of information during verification of documents, materials, information on request of the National Bank authorized officers and preventing inspections.
According to the report, in 2017, the regulator withdrew a general license for currency transactions from a non-banking financial institution for violation of the rules of currency exchange transactions.
The report states that in 2018, the National Bank expects to inspect those exchange outlets where significant offences were observed in 2017 or those where the volume of transactions is reasonably suspicious.