PrivatBank, Oschadbank, Mono and Raiffeisen Bank sign memorandum on strengthening financial monitoring - media

PrivatBank, Oschadbank, Universal Bank (Mono) and Raiffeisen Bank, which as of October 1 accounted for 64.5% of all population funds in banks and 87.5% of active payment cards, as well as the National Association of Banks of Ukraine (NABU) and the Association of Ukrainian Banks (AUB) signed a memorandum "On ensuring transparency in the functioning of the banking payment services market" at the National Bank of Ukraine on Tuesday.

This was reported by the Interfax-Ukraine agency, Ukrainian News Agency reports.

The document provides for the introduction of unified market practices and approaches to due diligence of clients and monitoring of their financial transactions, in particular, introduces a monthly transaction limit for high-risk clients who do not have confirmed income, UAH 50,000 from February 1, 2025.

For clients with medium and low risk, the limit is set at UAH 150,000 per month from February 1 and reduced to UAH 100,000 from June 1.

This applies not only to card-to-card transfers - P2P transactions, which the National Bank of Ukraine has already limited to UAH 150,000 per month in one bank - but also to all transactions from current accounts in favor of individuals, in particular on IBAN.

The signatories added that in the case of significant savings or additionally confirmed income, limits for clients will be set individually, taking into account the level of income, information about which is planned to be collected automatically from available resources.

In addition, the document establishes approaches to the exchange of banking information and provides for increased control over the activities of individual entrepreneurs, limits the opening of accounts for clients without confirmed income in three currencies and increased control of payments at night.

The signatories of the memorandum request, in cooperation with the National Bank, to create a centralized register of dubious clients ("drops") and provide participants with access to official information using the online service Diia about the client's income, court cases, etc.

As Ukrainian News Agency earlier reported, from October 1, 2024, the NBU set a limit of UAH 150,000 per month for outgoing transfers of individuals from card to card (P2P, person-to-person), although before that it was considering a stricter limit - UAH 100,000.