The NBU has issued a new multimillion-dollar fine to the payment company Pay
The National Bank of Ukraine has fined the payment institution LLC "Universal Payment Solutions" (UPS), which provides payment services through the iPay.ua service, UAH 16.509 million. The company also received a written warning and must eliminate the identified violations within 30 days.
This was reported by the National Bank of Ukraine.
The regulator identified the violations as a result of off-site supervision. They concerned the requirements of legislation regulating activities in the payment market.
In particular, the NBU established inadequate control over the quality and sufficiency of information that must accompany payment transactions.
For violating the requirements of the Law "On Payment Services," LLC "UPS" was fined UAH 16.509 million. The company must pay it within five working days from the moment the relevant decision of the National Bank is brought to its attention.
The company also received a written warning
In addition to the fine, the NBU applied another measure of influence to LLC "UPS" - a written warning.
It concerns violations of the requirements of the Law "On Payment Services," as well as NBU regulations on the management system of financial payment service providers and the procedure for their authorization.
The regulator obliged the company to eliminate the identified violations and take measures to prevent their recurrence. LLC "UPS" has no more than 30 calendar days from the date of receipt of the decision to do so.
Both decisions were made by the Committee on Banking Supervision and Regulation, Payment Infrastructure Oversight of the NBU on September 2. They enter into force from the day they are brought to the company's attention.
A year ago, the company received a fine of UAH 16.6 million
This is already the second large fine of LLC "UPS" from the National Bank in about a year.
In September 2025, the NBU fined the company UAH 16.602 million. However, at that time the violations concerned a different sphere - legislation on financial monitoring.
The regulator, in particular, identified deficiencies in the organization of primary financial monitoring, application of a risk-oriented approach, risk assessment, customer due diligence, and automated transaction monitoring.
Thus, the total amount of the two large fines imposed by the NBU on LLC "UPS" since September of last year exceeded UAH 33.1 million. At the same time, these are different violations and separate decisions of the regulator.
LLC "Universal Payment Solutions" holds an NBU license to provide money transfer services without opening accounts. The company has been included in the Register of Payment Infrastructure since May 2023 and cooperates with the online payment service iPay.ua.
Based on materials from: National Bank of Ukraine, National Bank of Ukraine
