Ukraine changes rules for card-to-card transfers: what restrictions come into force starting October 1

On October 1, Ukraine changed the rules for card-to-card transfers. We are talking about the limits set by the National Bank. Now te limit of the monthly amountthat can be transferred from card to card will be UAH 150 thousand.

This is stated in the material of OBOZ.UA. "According to the NBU, 98% of bank customers make monthly transfers that do not exceed the specified amount (UAH 150 thousand - Ed.). Therefore, the restrictions will not affect their financial activity in any way," the NBU said. There were some concerns that the restrictions would prevent donations, but the limit will not apply to volunteer accounts.

The limit does not apply to the accounts of volunteers who meet the criteria set out in the resolution and persons whose monthly income from confirmed sources exceeds the amount of the established limit. It also applies to transfers of funds between the client's own accounts opened with the same bank and to transfers of legal entities. IBAN transactions will not be limited either.

The NBU also announced the following changes:

• Adoption of Draft Law No. 11043, which provides for an increase in the amount of fines for violators of payment legislation and ensures conditions for the prompt exchange of data with the Cyber Police.
• Introduction of legal provisions to bring organizers and conscious participants of illegal schemes to justice.
• Creation of a relevant register that will become a source of information for banks when establishing business relations and servicing customers whose cards have been used in illegal schemes. The rules will be developed according to which the information will be submitted to the register and further used by market participants.
• Amendments to the payment legislation that will expand the NBU's regulatory powers to apply enforcement measures and restrictions to market players that do not effectively combat both existing and new schemes.
• Stricter requirements for banks and non-banking institutions to strictly comply with legal requirements and establishment of an effective operation of their own automated systems, as well as indicators, rules and models for detecting atypical customer behavior and improving the efficiency of risk management systems and internal control systems in accordance with the requirements and recommendations of the NBU.

As previously reported, Gerhard Boesch, the Chairman of the Board of Privat, receives the highest salary among state-owned banks in Ukraine. In July, he received more than UAH 2.4 million and was far ahead of all his colleagues. At the same time, NBU Governor Andriy Pyshnyi, who is responsible for the entire banking system, earns an average of UAH 629 thousand per month.

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