From 50 to 150 thousand UAH per month: the largest banks have agreed on limits for card transfers

The largest Ukrainian banks have signed a Memorandum on ensuring the transparency of the payment services market, which refers to the establishment of limits on transfers - it will also apply to transfers using IBAN details, which will be established from February 2025, UNN reports.

Details

According to the NBU, the memorandum four major issuing banks: JSC Oschadbank, JSC CB PrivatBank, JSC Raiffeisen Bank, JSC Universal Bank, other banks and payment service providers expressed their intention to join the memorandum in the near future.

Key points of the memorandum

Payment service providers that have joined the memorandum agree to introduce unified market practices and approaches in their activities, in particular to processes:

due diligence of clients at the stage of establishing business relationships;

monitoring of financial transactions on clients ' accounts in accordance with available information about the client and actual transactions performed;

establishment of automated round-the-clock rules for monitoring payment transactions with special attention to monitoring and limiting transactions at night (from 24: 00 to 06:00) to identify cases of uncharacteristic financial behavior and counteract fraudulent schemes, theft of funds through social engineering, and preventing customers from participating in "drop" schemes;

establishing rules for conducting financial transactions (providing products/services) of clients in accordance with agreed approaches and procedures that will be based on a risk-based approach;

exchange of information between banks participating in the memorandum on clients and their activities that contain signs of suspicion in accordance with the requirements of the current legislation and regulatory legal acts of the NBU.

By signing the memorandum, payment service providers undertake to make customer transfers based on the bank's risk-based approach. This will mean that banks will not set limits on transactions of clients with confirmed sources of income (in particular, salary clients and other clients with confirmed income), as well as volunteers identified by the payment service provider in accordance with the requirements of the NBU Board Resolution No. 18 of 24.02.2022 " if there is no documented income, then banks undertake to set limits (apply to transfers using IBAN details) on transactions:

starting from 01.02.2025-for clients of a "high" level of risk, set a limit of up to 50 thousand UAH / month;

for clients of" medium "and" low " risk levels - in accordance with the limits and terms of phased implementation:

from 01.02.2025 – in the amount of up to 150 thousand UAH / month;

from 01.06.2025-in the amount of up to 100 thousand UAH/month.

The limits will not include operations for transferring funds between two accounts that the client has opened with the same bank. If the client's documented income exceeds the limit set as of the date, banks will make transfers within the limits of the confirmed income. In addition, during the service, the client has the right to apply to the payment service provider participating in the memorandum with a request to increase the established limit with the mandatory provision of documentary proof of funds. In order to build a more effective risk management system, payment service providers participating in the memorandum emphasize the need to implement systematic steps and cooperate with the National Bank of Ukraine and government agencies in terms of:

providing participants with access to official information via the online public services Service Diya (hereinafter referred to as Diya) about the client's income, Court Cases, etc.;

creating a centralized register of questionable clients, in particular with the "drop" sign, as an additional source of information for studying the client when establishing/reviewing business relationships.