The National Bank has decided not to extend the regulatory restrictions of UAH 150,000 per month for initial transfers (also known as P2P, C2C) across all accounts of individual clients opened in one bank to accounts of other individuals. This is stated in a statement from the regulator.
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Details
The above restrictions stimulated the development of comprehensive joint solutions aimed at minimizing the use of payment infrastructure in illegal activities both through legislative changes and through self-regulation of the market by signing the relevant Memorandum.
During the period of regulatory restrictions:
- the law of 08.10.2024 No. 3994-IX “On Amendments to Certain Legislative Acts of Ukraine to Improve the Functions of the National Bank for State Regulation of Financial Services Markets” was adopted and entered into force based on bill No. 11043, which provides for an increase in the amount of fines for violators of payment legislation; a Memorandum on Ensuring Transparency of the Payment Services Market was developed and signed by the coordination of banking associations, which was joined by the absolute majority of banks servicing retail clients and payment service providers licensed to maintain retail client settlement accounts; banks and non-bank payment service providers continue to improve the operation of payment transaction monitoring systems in accordance with the requirements and recommendations of the NBU; law enforcement agencies are actively working to identify and stop criminal schemes. For example, the Bureau of Economic Security recently exposed a network of more than four thousand drop people; The National Bank has developed a concept for a register of persons requiring enhanced control over payment transactions. The proposal will be sent to the relevant committee of the Verkhovna Rada of Ukraine for further consideration in April.
Last year, we recorded an abnormal surge in the volume of transfers between accounts of individuals, which decreased as a result of the introduction of regulatory restrictions, the NBU's communication that drew the market's attention to the problem of drops, and the implementation of the Memorandum. The short-term trend towards a rapid increase in the number of open payment cards, which was recorded in September-October last year, also ceased.
The National Bank will continue to monitor the situation and will work on other initiatives that will enhance the effectiveness of the fight against criminal schemes involving mules, and, if necessary, take additional measures in accordance with its regulatory mandate.
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- NBU