Starting from 1 October 2024, new rules on card-to-card transfers introduced by the National Bank of Ukraine (NBU) will come into force in Ukraine. The main change is that the monthly limit for such transfers will be set at UAH 150,000. Interestingly, it was originally planned to limit the amount to UAH 100,000, but after consultations with financial institutions, it was decided to increase the limit, reports Komersant ukrainskyi
with reference to KRAPKA.MEDIA.
It is worth noting that the restriction on the number of transactions per month has been cancelled, although individual banks have the right to set such restrictions at their own discretion.
The purpose of the innovations
The main purpose of the new rules is to combat illegal financial schemes, in particular the so-called “drops”. These are situations where card accounts are used for money laundering and other illegal transactions.
The NBU emphasises that these restrictions will not affect 98% of bank customers, as their transfers usually do not exceed the established amount. In addition, the limit does not apply to:
- Volunteer accounts.
- Transactions between the client’s own accounts.
- Transfers made using IBAN details.
Who may be affected by the new restrictions
The most likely to be affected by the new rules are “dropers” – people who sell their card accounts for use in illegal schemes. Such schemes are often associated with:
- Online casinos.
- Sale of counterfeit goods.
- Drug and weapons trafficking.
- Various types of fraud.
According to the Cyberpolice, Ukraine annually loses billions of hryvnias in unpaid taxes due to such illegal schemes.
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Additional control measures
The NBU and other authorities are also planning to introduce additional measures to strengthen the fight against illegal financial transactions:
- Increasing fines for violators of payment legislation.
- Creation of a register of suspicious transactions.
- Strengthening control over compliance with legislation by financial institutions.
- Introduce legal provisions to bring to justice organisers of illegal schemes.
- Create a register of suspicious customers for banks.
- Introducing criminal liability for people who sell their card accounts for use in illegal schemes.
What it means for ordinary users
Banks are already obliged to check suspicious transfers, request documents confirming the legality of the origin of funds, and block accounts in case of violations. For customers who do not carry out questionable transactions, these innovations should not create any problems.
Thus, the new rules, according to the National Bank, are aimed at increasing the transparency of financial transactions and combating illegal schemes. At the same time, they will have a minimal impact on ordinary users of banking services, the NBU says.