The NBU ordered “Ukrposhta” to dismiss Smiliansky within 5 days: what led to this
23 June 12:57
The National Bank of Ukraine ruled that the CEO of JSC “Ukrposhta,” Igor Yukhimovich Smilyansky does not meet the professional suitability requirements established for the head of a financial payment services provider and has ordered the company to suspend him within five business days. This is stated in a press release from the NBU, as reported by "Komersant Ukrainian"
The decision was made by the Committee on Banking Supervision and Regulation and Payment Infrastructure Oversight.
Now, the governing body of “Ukrposhta” must suspend Smiliansky from leading the company within five business days.
Over the next two months, the state-owned postal operator must appoint a new CEO who meets the National Bank’s requirements.
Why the NBU Assessed Smiliansky’s Professional Suitability
The NBU emphasized that assessing the professional suitability of executives at financial institutions and payment service providers is an integral part of the regulator’s supervisory powers. Its purpose is to ensure that individuals making key management decisions comply with the requirements established by law, which is a necessary condition for the stable functioning of the financial sector.
“Ukrposhta” is not only a postal service operator but also a provider of financial payment services.
The company holds the appropriate license from the National Bank and provides millions of Ukrainians with access to money transfers, payments, and other financial services.
Consequently, Ukrposhta’s activities in the field of payment services are subject to supervision by the NBU, and its CEO must meet the requirements established by the regulator regarding knowledge, experience, and professional competence.
The National Bank has initiated a procedure to assess whether the CEO of JSC “Ukrposhta,” Mr. Smiliansky, meets the requirements for professional competence based on the results of the NBU’s supervisory activities regarding the company’s operations in 2023–2026.
The regulator noted that in May, it fined JSC “Ukrposhta” 1.7 million UAH for violating payment market regulations.
What conclusion did the National Bank reach?
During its evaluation, the NBU Qualification Commission analyzed the audit materials and conducted an interview with Igor Smiliansky.
Based on the results of the interview and analysis of the available materials, the NBU Qualification Commission concluded that there were grounds to determine that Ihor Smilianskyi does not meet the professional suitability requirements established for the head of a financial payment services provider.
“The Committee concluded that he lacks a sufficient level of knowledge of legal requirements, as well as the understanding and experience necessary to properly apply the requirements of current legislation, including the regulatory acts of the National Bank,” the regulator’s statement reads.
The NBU believes that this level of knowledge and experience is insufficient for the proper organization of:
- corporate governance;
- internal control systems;
- financial monitoring;
- risk management;
- compliance with payment market regulations.
Based on this, Smiliansky was found to be unfit to serve as the head of a financial payment services provider.
“Taking into account the information regarding the identified violations in the activities of JSC “Ukrposhta,” as well as the responses and explanations provided by Mr. Smilyansky during his interview with the NBU Qualification Commission, the Committee concluded that he lacks a sufficient level of knowledge of legal requirements, as well as the understanding and experience necessary to properly apply current legislation to the extent required for the proper performance of his duties, ensuring an adequate level of corporate governance and internal control systems, and organizing a financial monitoring system and a risk management system, which indicates his failure to meet the requirements for professional suitability as the head of a financial payment services provider,” the regulator emphasized.
Does the NBU’s decision mean Smiliansky’s dismissal?
The National Bank is not the body that directly dismisses the CEO of a state-owned company.
The decision on personnel changes must be implemented by the authorized body of JSC “Ukrposhta.”
Within five business days, it must remove Igor Smiliansky from the company’s leadership.
After that, “Ukrposhta” will have two months to appoint a new CEO who meets the professional requirements established by the regulator.
What violations did the NBU identify at “Ukrposhta”?
The National Bank reported that it repeatedly imposed enforcement measures on the company between 2024 and 2026.
The regulator’s complaints concerned:
- the organization of financial monitoring;
- compliance with payment services legislation;
- corporate governance;
- internal controls;
- risk management;
- providing the NBU with requested documents;
- conducting payment transactions;
- handling information containing the payment service provider’s confidential information.
During this period, the company received both written warnings and fines amounting to several million.
The largest fine amounted to over 17 million UAH
In February 2024, the NBU fined Ukrposhta 17.387 million UAH.
The regulator cited violations of legislation related to combating money laundering and terrorist financing.
According to the NBU, the company failed to ensure the proper organization and conduct of initial financial monitoring.
In July 2025, Ukrposhta received a written warning due to deficiencies in its internal financial monitoring documents and the lack of adequate risk management procedures.
Fines Imposed on Ukrposhta in 2026
In March 2026, the National Bank imposed a fine of 255,000 UAH on the company.
The reason was the failure to submit, within the established deadlines, the information, documents, or copies thereof requested by the regulator.
In May, Ukrposhta received another fine of 1.7 million UAH.
The NBU determined that the company had failed to ensure the proper functioning of:
- corporate governance;
- internal control;
- risk management systems.
In June 2026, the regulator imposed a fine of over 2.544 million UAH and issued a written warning.
These measures were related to numerous violations of payment services legislation identified during an inspection.
What Were the NBU’s Latest Findings?
According to the regulator, the violations identified concerned the processing of payment transactions, acquiring, and document handling.
Some of the observations were related to information constituting a trade secret of the payment service provider.
It was precisely the systematic nature of the violations over several years that became one of the grounds for assessing the company director’s professional suitability.
The NBU emphasized that its decision is based on a comprehensive analysis of the materials, professional judgment, and the explanations Smiliansky provided during the interview.
Watch us on YouTube: important topics – without censorship
The Conflict Between the NBU and the Head of “Ukrposhta”
The public conflict between Ihor Smiliansky and the National Bank escalated in the spring of 2026.
Following the March fine, the CEO claimed that the company was under pressure and linked the regulator’s complaints to plans to establish “Ukrposhta Bank.”
According to Smiliansky, the NBU demanded documents from the company, including the agenda and minutes of the supervisory board meetings.
Ukrposhta believed that some of the regulator’s demands might violate the principles of autonomy and corporate governance.
The company paid the fine but announced its intention to challenge it in court.
How Smiliansky Responded to the NBU’s Accusations
After the National Bank publicly questioned the CEO’s professional competence, Smiliansky sharply criticized the regulator.
“Can you even imagine a situation in any country where a regulator would publicly comment on the competence of the head of a particular institution based solely on its own opinion, rather than on the outcome of legal and judicial proceedings?” — stated the head of “Ukrposhta.”
He also asked what criteria the NBU used to assess his professional competence and accused the regulator of a selective approach.
“I have the strong impression that some people skipped the lectures on the presumption of innocence,” Smiliansky noted.
These statements were made before a final decision on his professional suitability was reached.
Why “Ukrposhta” Complies with the NBU’s Requirements
Although Ukrposhta is primarily a postal operator, it also provides financial services.
At the company’s branches, Ukrainians can:
- pay utility bills;
- receive and send money transfers;
- receive pensions and social benefits;
- make payments;
- use other financial services.
Therefore, with regard to its payment activities, Ukrposhta must comply with the same requirements for financial monitoring, control, and risk management as other supervised institutions.
The NBU emphasizes that the company’s stable operations are of great importance to the payment market, especially in small and remote communities.
Read us on Telegram: important topics – without censorship
