From October 1, 2024, the National Bank temporarily sets a limit of UAH 150,000 per month for individuals’ card-to-card (P2P) transfers for six months.
The limit does not apply to accounts of volunteers and individuals whose monthly income from confirmed sources exceeds the limit amount, the NBU reported on August 27.
And also in case of transfer of funds between the client’s own accounts opened in one bank, and transfers of legal entities. Operations by IBAN details are not limited.
The limit applies only to initial transfers across all client accounts opened in one bank to the accounts of other individuals, the regulator explained.
The NBU explained the introduction of the innovation by the fight against so-called “drops”.
“Drops” are people who, for a fee, transfer the details and data of their card accounts to third parties for use. These accounts are used as “transit” accounts for the transfer and “laundering” of illegal funds. The scale of the problem of using “drops” is difficult to assess due to the imitation of the normal behavior of an individual, but in general, the system is talking about tens of thousands of “dormant” and active accounts.
According to several major banks, business relationships with more than 80,000 clients have already been terminated in 2024 due to their participation in drop schemes. The amount and number of card-to-card transfers shows a steady growth trend in all groups of banks, regardless of the volume of the card business.
An analysis by the NBU shows that about UAH 200 billion per year can pass through the “drop” cards.
The shadow business is looking for new ways to make cash payments, and this requires a quick response, so the NBU is introducing a limit as a temporary, anti-crisis solution.
Source: Racurs
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