New Developments in Financial Transfers in Ukraine

The National Bank of Ukraine has lifted the monthly transfer limit of 150,000 UAH that was imposed in October 2024.

This was confirmed by the press service of the NBU.

The restrictions applied to all individual accounts within a bank for transfers between individuals.

These measures were implemented to reduce the "unusual surge" in transfer volumes and to control the increase in the number of payment cards observed in September and October 2024.

According to the new legislation, the NBU has enhanced its regulatory functions over the financial services market and increased fines for violations of payment laws. A Memorandum on the Transparency of Payment Services Market has also been signed, with the majority of banks and licensed payment providers participating.

The NBU continues to improve monitoring of payment transactions and collaborates with law enforcement to combat criminal schemes. The Bureau of Economic Security recently uncovered a network involving over 4000 drop participants.

Additionally, the NBU has drafted a concept for a registry of individuals requiring enhanced scrutiny, which will be submitted to the Verkhovna Rada of Ukraine for further consideration in April.

Reminder:

The National Bank of Ukraine (NBU) has established new restrictions on foreign transactions using Ukrainian bank payment cards starting from September 10.

From October 1, 2024, the NBU will impose a six-month limit of 150,000 UAH per month (up from the previously announced 100,000 UAH) for individual transfers "from card to card".