The National Bank of Ukraine has decided not to extend the regulatory limit of UAH 150,000 per month for card-to-card transfers by individuals.
The National Bank of Ukraine has decided not to extend the regulatory limit of UAH 150,000 per month for card-to-card transfers by individuals.
According to the National Bank, last year the regulator recorded an anomalous surge in the volume of transfers between individual accounts, which has now decreased due to the introduction of regulatory restrictions, the NBU’s communication that drew the market’s attention to the problem of drops, and the implementation of the Memorandum.
«The short-term trend of rapid growth in the number of open payment cards, which was recorded in September-October last year, has also stopped,» the report says.
The NBU noted that the introduced restrictions stimulated the development of comprehensive solutions aimed at minimizing the use of payment infrastructure in illegal activities.
In particular, during the period of regulatory restrictions, the Law of Ukraine No. 3994-IX on improving the functions of the National Bank in regulating financial markets was adopted and put into effect, which increases fines for violators of payment legislation.
A Memorandum on the Transparency of the Payment Services Market was also developed and signed, which was joined by most banks serving retail clients.
In addition, financial institutions continue to improve payment transaction monitoring systems in accordance with the requirements of the NBU, and law enforcement agencies are actively detecting criminal schemes — in particular, the Bureau of Economic Security recently exposed a network of over four thousand drop-outs.
The National Bank has also developed a concept for a register of persons requiring enhanced control of payment transactions, which it plans to send to a committee of the Verkhovna Rada for consideration in April.
«The National Bank will continue to monitor the situation and work on other initiatives that will enhance the effectiveness of the fight against criminal schemes involving dropshippers, and, if necessary, will take additional measures in accordance with its regulatory mandate,» the NBU emphasized.
As a reminder, from October 1, 2024, the NBU temporarily introduced a limit of UAH 150,000 per month for card-to-card (P2P) transfers of individuals in order to combat criminal transfers through cards of fictitious individuals.
