Ukraine has changed the rules for card-to-card transfers: what will happen from October 1

On October 1, the NBU will introduce a limit on card-to-card transfers. This restriction has been actively discussed for several months. After a number of proposals, the regulator changed its announced rules. First, the monthly limit for card-to-card transfers will be UAH 150 thousand (UAH 100 thousand was planned).

Secondly, the restrictions on the number of transactions have been canceled (some banks introduced them on their own). 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.

But those for whom the limit should really create problems are "dropers". Some Ukrainians sell their card accounts to be used to launder large sums of money. Millions of hryvnias can pass through the accounts of a single dropster in a year. Banks are supposed to stop suspicious transactions, but they don't always do it.

"The TIC (Temporary Investigation Commission –– Ed.) heard from the cyber police about drops. How it is used in different types of crimes. There are three areas of application: online casinos, sale of cigarettes, drugs and weapons (in the darknet), and fraud. We lose (according to the cyber police) at least 1 billion in taxes," said Yaroslav Zhelezniak, chairman of the parliamentary PIC.

Drop schemes are used by:

• shadow (or illegal) markets: from the sale of counterfeit goods to drugs and weapons;
• fraudsters: they collect money from their victims on drop accounts;
• those trying to avoid taxation: for example, some gambling market players.

Drop schemes are used in almost all countries of the world, but in Ukraine, they have become widespread in recent years. The changes announced by the NBU were supported by the Committee on Finance, Taxation and Customs Policy, most of the expert community, and law enforcement.

The only question is whether these changes are sufficient. Olesia Danylchenko, Deputy Director of the Association of Interbank Payment System EMA, is sure that setting a limit is not enough. It will indeed complicate the scheme, but it will not make it impossible. The NBU also announced some other changes (read more about them below).

As OBOZ.UA previously reported, Gerhard Bösch, 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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