The measures, aimed at reducing the shadow economy and curbing illegal financial schemes, will impose monthly limits on transfers based on risk assessment of clients.
Key Changes
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New Transfer Limits:
- A monthly limit of 150,000 UAH for payments using IBAN details will be introduced for individuals without documented income.
- For high-risk clients, the limit will be 50,000 UAH per month.
- For medium and low-risk clients:
- Up to 150,000 UAH per month from February 1, 2025.
- Up to 100,000 UAH per month from June 1, 2025.
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Risk-Based Classification: Banks will classify clients into high, medium, and low-risk categories based on their financial behavior and the availability of documented income.
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Income Verification: Clients who wish to exceed the set limits must provide documents confirming their income. Banks will then assess the client's financial capabilities to adjust or remove restrictions.
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Exemptions:
- Salary card holders.
- Volunteers.
- Individuals with confirmed sources of income.
Objective
The National Bank of Ukraine (NBU) stated that these measures are intended to:
- Combat the shadow economy.
- Prevent illegal schemes, such as the misuse of "drop" accounts (individuals who allow their bank accounts to be used for dubious transactions).
Background
- A temporary limit of 150,000 UAH per month for P2P transfers has been in place since October 2024 and will remain until April 1, 2025.
- These new rules build on existing measures to enhance financial transparency and accountability.
What This Means for Ukrainians
For individuals with documented income, these restrictions will have little to no impact. However, clients operating without verified income may face challenges and will need to provide documentation to access higher transfer limits. The measures are expected to bring more transactions into the formal economy and strengthen financial oversight.
