The national Bank of Ukraine (NBU) introduces a new account type – account conditional storage (escrow). This is stated in the resolution of the regulator N133 dated 18 December, which takes effect from 21 December.

The document defines the procedure of opening and closing escrow accounts; establishes the list of documents that the client submits to the Bank upon opening of an escrow account; specifies the list of operations that can be performed in the escrow account; provides a right of non-resident investors to open such accounts for transfer of funds to the beneficiaries whose shares are purchased in accordance with the requirements of article 652 of the law “On joint stock companies”; specifies the procedure for opening current account of type “N” representative of the donor organization; abradee foreclose on the collateral, which are property rights to the funds in the Bank account by debit payment requirement is burdensome.

In addition, this regulation defines the Bank escrow agent, to the functions which involves entering into contracts with the claimant; transfer of funds to the escrow account opened by the claimant, and transfer them to the account of the beneficiary or pay the beneficiary of the relevant funds in cash; the identity of the beneficiary and check his right to the receipt of funds; transfer of funds to beneficiaries within three years.




NBU introduces for banks account of conditional storage 21.12.2017

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