Pyshnyi explained who will have a transfer limit of 50 thousand hryvnias set by banks

Pyshnyi explained who will have a transfer limit of 50 thousand hryvnias set by banks

"Tightening, reducing limits, «tightening the screws» – anything but the real essence of the Memorandum on Ensuring Transparency in the Functioning of the Payment Services Market. Let me remind you, it was signed by PrivatBank, Oschadbank, Raiffeisen Bank, and Universal Bank (the largest issuing banks), and two associations: NABU and AUB," - wrote the Governor of the NBU Andriy Pyshnyi on Facebook in a post.

"So, I propose from myself quick responses to the most resonant questions.

1. Does the memorandum strengthen financial monitoring and customer assessment in banks?

No

Banks, as before, apply a risk-oriented approach to evaluating clients and making appropriate decisions regarding their service.

Moreover, the successful implementation of the memorandum could, on the contrary, contribute to the early removal of the temporary limit on outgoing P2P transfers, which we were forced to introduce in October for six months.

2. Does the memorandum introduce additional restrictions for customers?

No

If you work «legally», receive a «legal» salary, or can otherwise document your income or assets, nothing will change for you at all. Just as it did not change for you in October 2024, when the NBU took the first step to solving the problem with drops, establishing a general framework for all clients.

The limits outlined in the memorandum concern ONLY clients who have not provided documentary confirmation of their income, especially those identified as «high-risk». Essentially, these are those who have no documents! According to banks’ estimates, they account for no more than 1% of the entire client base.

Yes, only 1%, but they are actively involved in the «drop» network and form the basis of this billion-dollar «drop»-traffic.

3. Will the memorandum affect the work of volunteers?

No

Read the answer above. Banks have long operated under the principle of «know your customer», including clients from the volunteer movement, who simply provide a defined list of documents to confirm their activities. And that’s it – they pay and transfer without any restrictions from the bank. Since October, the NBU has not received a single complaint from volunteer organizations regarding the implemented restrictions.

4. Do clients need to update income data or bring any certificates to banks now?

No

Interaction with banks continues in the standard mode. The memorandum does not envisage submitting any additional certificates or updating data by clients. I understand that it is important to emphasize this, and that this issue may arise, as not all Ukrainians can personally visit a branch today. This primarily concerns our military serving on the front line and temporarily displaced persons within the country. The Memorandum does not include any requirements for additional identification since it was completed when opening the account.

5. Will the memorandum reduce the capabilities for funding the shadow economy?

Yes!

The banks’ initiative is nothing but the organization of all existing processes and approaches to jointly prevent the use of payment infrastructure for financing illegal activities.

Today, this includes tax evasion measured in billions of hryvnias bypassing the state budget. This is the financing of terrorist and sabotage activities, where through «drop centers», Russia finances arsons and explosions in our cities. This is generally servicing the shadow economy, depriving Ukraine of a huge resource necessary for the country’s defence," concluded Pyshnyi.