Ukrainians will not have their cards and accounts blocked for frequent cash withdrawals – NBU

The National Bank denies the requirement for banks to block cards or accounts for frequent cash withdrawals.

This is stated in the NBU's message, the Ukrainian News agency reports.

"Certain media and Telegram channels are spreading unreliable and manipulative information that Ukrainians may have their bank accounts blocked for frequent cash withdrawals - more than three times a month, especially in large amounts, and for frequent use of cash loans. We emphasize that this information is not true!"- the message says.

The NBU notes that the media refers to "recommendations of the National Bank of Ukraine on strengthening financial monitoring in Ukraine", without citing specific documents. However, there are no requirements for blocking accounts for conducting such operations in any recommendations, letters, regulatory legal acts or other official documents of the NBU.

Banks, payment and financial institutions continue to operate and conduct due diligence on their clients exclusively within the framework of the legislation on financial monitoring, applying a risk-based approach.

"We advise you to always trust only verified information from official sources of the National Bank and not to take seriously fake news spread by anonymous Telegram channels and unscrupulous media in order to undermine citizens' trust in the financial sector of Ukraine," the regulator emphasized.

As the Ukrainian News agency earlier reported, it was previously said that in Ukraine, banks are obliged to monitor clients' financial transactions and stop those that seem suspicious or risky. The requirements for such monitoring are being tightened, and in some cases, the bank may recognize not only a separate transaction, but also general cooperation with the client as dangerous. In such situations, accounts may be closed without explanation.

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