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Abolition of sample signature cards

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The National Bank of Ukraine (further the “NBU”) amended on April 01, 2019 Directive No. 492 approving the Guidelines for Opening and Closing Bank Accounts and Correspondent Accounts of Resident and Non-Resident Banks (further the “Guidelines”). In particular, the obligation for bank customers to provide signature sample cards when opening accounts has been abolished. The NBU recently published Letter No. 57-0007/24014 dated May 06, 2019 to clarify what bank customers should do on the back of such abolition.

The letter states that the Guidelines require to submit to banks a list of persons who are entitled under Ukrainian law to manage bank accounts (instead of sample signature cards as previously). This list may be submitted either in paper or electronic form, and the following mandatory details should be included in the list:

  • Surname, name, patronymic (if any) of account managers;
  • Handwritten signature of account managers if the list is submitted in paper or the electronic signature of an authorized bank employee if the list is submitted electronically;
  • Signature of head (authorized person).

Customer representatives must submit documents confirming their authority to an authorized bank representative.
Individuals, including individual entrepreneurs are not required to submit the aforementioned list, and transactions on accounts of individuals may be carried out not only by their holders but also by other persons authorized to do so under a notarized power of attorney.

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