23 May 2024 16:20

Ukraine's NBU plans to limit P2P transfers to 30 transactions up to UAH 100,000 per month

MOSCOW. May 23 (Interfax) - The National Bank of Ukraine (NBU) is planning to impose restrictions on the number of transfers by individuals (P2P, person-to-person) up to 30 per month, with a limit of the amount up to UAH 100,000, during the next 30 days for the period of martial law as part of efforts to counter money laundering, Ukrainian media reported citing the NBU's report provided to journalists at a meeting on Thursday.

"Here the coverage of customers who will not be affected [by the expected restrictions] is 95-98%, rather 98% will not feel these restrictions," NBU Deputy Governor Dmitry Oleinik.

This conclusion is argued by the NBU analysis of data from eight banks, the largest card issuers in Ukraine, according to which the regulator created a portrait of the average client and determined that on average 98% of Ukrainians make up to 30 transfers P2P (person-to-person) per month, for an amount not exceeding UAH 80,000 - 100,000.

"The decision is now being prepared, it has not yet been made by the committee or the board [...]," Oleinik said, while noting later that this will take place in a 30-day period.

It is assumed that these restrictions will apply to each opened account of an individual in a separate bank.

Oleinik noted that P2P (person-to-person) transfers are planned to be limited only on "exit", that is, in other words, restrictions on accepting funds on their own card is not envisaged.

"Separately, we are exploring the possibility of restricting 'entry' to the card," Oleinik added.