The National Bank decided to centralize the licensing process and create a new subdivision – Licensing Department, which will fulfill the relevant functions.

NBU Board will approve such decision on March 2, the regulator’s press office reports.

As reported, the Licensing Department will fulfill the functions of registration and licensing of banks, their standalone divisions, the approval of acquisition of major shareholding in banks, the approval of appointment of directors as well as the function of issuing general licenses for conducting currency transactions.

Previously, NBU Registration and Licensing Office fulfilled these functions, Economic Truth reports.

In addition, from April 6, the Licensing Department will also fulfill the functions of issuing licenses to non-bank financial institutions for transferring funds in the national currency without opening accounts and issuing licenses to legal entities for provision of encashment services.

The Department will also fulfill the function of registration of payment systems, participants of payment systems and operators of payment infrastructure services.

Alexander Bevz has been appointed as the Head of Licensing Department.

From February to October 2015, he was the Head of Division of Control over the compositions of bank shareholders of the NBU’s Registration and Licensing Department, from January to October 2016 – Deputy Head of this Department and Head of the Office for Registration and Licensing of Banks.

From October 2016, he was the head of the independent office of registration and licensing of the central bank.