From October 1, 2024, the National Bank of Ukraine (NBU) sets a limit of UAH 150,000 per month for outgoing transfers of individuals (P2P, person-to-person) for six months. reported on the website of the central bank on Tuesday.
“The limit applies only to outgoing transfers from all the client’s accounts opened in the same bank to the accounts of other individuals. The limit does not apply to the accounts of volunteers who meet the criteria defined by the resolution, and to persons whose monthly income from confirmed sources exceeds the amount of the established limit,” the regulator’s press release reads.
It is noted that the limit does not include transfers of funds between the client’s own accounts in the same bank, nor does it apply to transfers of legal entities. Operations using IBAN details are not limited, the National Bank clarified.
“According to the NBU, 98% of bank clients make monthly transfers that do not exceed the specified amount, therefore, the established restrictions will not affect their financial activity in any way,” the regulator noted.
According to the Central Bank, the introduced limit will help minimize the use of the payment infrastructure in illegal activities, in particular with the use of “drop” accounts, which are a common mechanism of functioning of the shadow economy.
As reported, earlier the NBU planned to introduce a limit of UAH 100,000 per month. for P2P transfers during the 3rd week of August, but the decision was somewhat delayed. According to the regulator’s estimates, this would make it possible to increase the cost of implementing schemes for criminals by up to five times.
“Drops” (from English to drop) or “money mules”. These are persons who allow a third party (fraudster) for a financial reward to use their bank account for their transactions.
