The National Bank of Ukraine has determined that UKRPOSHTA JSC Chief Executive Officer Ihor Smilianskyi does not meet the fit-and-proper requirements for the head of a financial payment service provider. The decision, taken by the Committee on Banking Regulation and Supervision and Oversight of Payment Infrastructures, follows supervisory action over UKRPOSHTA’s payment services business and requires the company to replace its CEO and bring its activities into compliance with Ukrainian law and National Bank of Ukraine regulations. The assessment was launched after supervisory actions covering 2023 to 2026, during which the National Bank of Ukraine repeatedly sanctioned UKRPOSHTA for breaches in payment services and anti-money laundering and countering the financing of terrorism, as well as weaknesses in risk management and internal controls. After an interview and review of available materials, the National Bank of Ukraine’s Qualification Commission and then the committee concluded that Smilianskyi lacks the level of legal knowledge, understanding and experience needed to apply legislative and regulatory requirements, ensure adequate corporate governance and internal control, and organize financial monitoring and risk management at the company. The regulator cited repeated enforcement measures in 2024 to 2026, including written warnings and fines such as a UAH 17,387,053 AML/CFT fine in February 2024, a UAH 1,700,000 fine in May 2026 for failures in corporate governance, internal control and risk management, and a UAH 2,544,942.03 fine plus a written warning in June 2026 for multiple payment services violations. UKRPOSHTA’s authorized body must remove Smilianskyi from managing the company within five business days and appoint a new chief executive who meets fit-and-proper requirements within the following two months.

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