Starting February 1, Ukrainian banks will introduce new restrictions on card-to-card money transfers.
The new system of limits will depend on the client’s risk level determined by the financial institution.
- For high-risk clients, the transfer limit will be UAH 50 thousand;
- For medium and low risk clients, the limit will be UAH 150 thousand (starting from June 1, the limit will be reduced to UAH 100 thousand).
The NBU also introduced a limit on the number of accounts opened – no more than three accounts in the same currency. Credit, deposit accounts and accounts opened for government payments will not be taken into account.
Banks will independently identify risk groups and monitor transactions around the clock, paying particular attention to nighttime transactions (from 24:00 to 06:00) to detect fraudulent schemes and abnormal financial activities.
Control over the activities of individual entrepreneurs will be strengthened separately. Newly created sole proprietorships of the first group (less than 6 months) will be subject to in-depth monitoring with an analysis of transactions based on the average monthly income. A risk-oriented approach will be applied to sole proprietorships of groups 2-3.
If the client plans to exceed the limit, he or she must provide proof of the origin of funds – a tax return, OK5 and OK7 certificates, or documents confirming volunteer activities.