NBU plans to limit card transfers between individuals: 100 thousand hryvnias and 30 transactions per month
National Bank of Ukraine considers the possibility of introducing limits on the amount and number of transactions for transferring money from card to card between individuals. The proposed limits are 100,000 hryvnias per month and 30 transactions for one account.
“We are considering the possibility of introducing a framework for outgoing P2P transfers from individual accounts in the amount of UAH 100,000 per month and limiting the number of such transfers to 30 per month. According to our calculations, 95% of bank customers will not even notice these restrictions. Instead, it will become more difficult and expensive to make shadow payments to criminals who use individuals’ cards for, for example, tax evasion and criminal activity“, Deputy Chairman of the National Bank of Ukraine Dmytro Oliynyk said at a meeting with the media.
The National Bank does not plan to limit incoming P2P transfers in order not to create obstacles for volunteer activities and other legal transactions. If necessary, the limits for outgoing transfers can be increased in the presence of supporting documents.
According to the NBU, the volume of shadow operations using P2P transfers reaches billions of hryvnias. Criminals use the cards of individuals who knowingly provide their details to carry out dubious transactions of large amounts.
Since the fall of 2023, the NBU has observed an abnormal increase in the number and volume of P2P transfers, as well as an increase in the number of compromised cards. According to the estimates of CASE Ukraine analysts, the state loses at least UAH 100 billion per year due to various shady schemes, including the use of P2P transfers.
The head of the National Bank of Ukraine, Andriy Pishnyi, emphasized the need to combat this phenomenon, comparing people who knowingly provide their cards for illegal transactions with drug couriers.
In the future, the NBU plans to create registers of cards used for dubious transactions and to introduce requirements for the authorized capital of financial companies tied to the volume of their transactions.
