Ukraine Foreign Exchange Regulation
Foreign exchange control regulations in the Ukraine are fairly stringent due to the fact that for many years the banks in the country had been used for extensive money laundering.
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General Licenses
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The National Bank of Ukraine issues both individual and general foreign exchange licenses for the conducting of foreign exchange operations that are within the guidelines of the governments currency controls. General licenses are issued to financial institutions and commercial banks to conduct currency operations. These licenses are for an indefinite period of time and allow the banks and financial institutions to conduct a wide range of foreign exchange activities, including transfers and forex trading.
Individual Licenses
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Individual licenses are issued by the National Bank of Ukraine to residents and nonresidents for the sole purpose of transacting and completing a stated and agreed upon single foreign currency operation. The maximum amount of foreign currency that can be exchanged by an individual in one day is the equivalent of $10,000. For amounts above $1,870, the individual must present some form of identification, and for amounts over $6,250, the bank must be able to identify the client and keep a copy of the client's passport.
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Valid Individual Foreign Currency Operations
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An individual can obtain a foreign exchange license for the following types of operations: export of currency assets outside of Ukraine, import of currency into the Ukraine, acquiring foreign currency loans by residents, and depositing foreign currency into a bank outside of the Ukraine. Foreign investments including purchase of stocks and shares of foreign companies.
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