The NBU revoked all licenses of Finod LLC, which owns one of the largest networks of currency exchange offices in Ukraine. The Committee for Supervision and Regulation of Non-Banking Financial Services Markets made the decision on August 21, the regulator’s press service reported.
“The licenses of Finod LLC have been revoked due to the failure to comply with the enforcement measure imposed by the National Bank in the form of an obligation to take measures to eliminate the violation and the reasons that contributed to the violation,” the statement said.
In addition to currency exchange, Finod had licenses to provide factoring services, financial loans, financial leasing, and guarantees and sureties.
In May, the NBU fined Finod UAH 300,000 for conducting foreign exchange transactions without providing the client with a cash register payment document, and in mid-July ordered the company to provide information about beneficiaries and their financial situation by August 2.
Finod LLC has been operating in the market since 2012 and is registered in Odesa. The company’s authorized capital is UAH 15 million.
Last year, the company’s revenue amounted to UAH 5.4 billion. In the first half of the year, Finod topped the list of financial companies in terms of revenue, which exceeded UAH 2.11 billion. Its net profit amounted to UAH 61.96 million.
The company has more than 400 exchangers in 16 regions of Ukraine. According to Finod’s website, 14.81% of the company is owned by its director Maxim Tkalenko, and another 85.19% by Alexei Shtevnin.
