Ukrainian Banks crack Down on Financial Crime with New Card Transfer Limits
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In a meaningful move to bolster teh stability of Ukraine’s financial system, twenty-nine financial institutions have joined forces to combat financial crime. This collaborative effort, spearheaded by the Association of Ukrainian Banks (AUB), introduces stricter limits on card transfers, aiming to curb illicit activities and enhance transparency.
The initiative follows a December 10th memorandum signed by four major Ukrainian banks: oschadbank, raiffeisen Bank, PrivatBank, and Universal Bank (monobank). Now, an additional 23 banks and two financial companies have joined the agreement, significantly expanding its reach and impact.
The AUB held a meeting with top banking executives to discuss “combining the efforts of the banking sector to effectively combat financial crimes that undermine the stability of the economic system,” according to a press release.The increased collaboration underscores the seriousness of the threat and the determination to address it proactively.
“The signed Memorandum is the market’s response to the challenges facing the banking system and is aimed at minimizing abuse through “drop schemes”. We are convinced that the implementation of these measures will significantly reduce risks, ensure transparency and increase confidence in the financial sector of Ukraine,”
—AUB President Andrey Dubas
New Limits on Card Transfers: What You need to Know
The memorandum establishes tiered risk assessments for clients, categorizing them as “high,” “medium,” or “low” risk based on factors like income verification.This risk assessment directly impacts transaction limits.For individuals classified as “high” risk,the limit on card transfers is set at UAH 50,000. Those deemed “medium” or “low” risk will have a limit of UAH 150,000.
- Ukreximbank
- UKRGASBANK
- CRYSTALBANK
- GLOBUS BANK
- MTB BANK
- RADABANK
- Idea Bank
- ALTBANK
- Alliance bank
- EPB
- CLEARING HOUSE
- Policombank
- BANK TRUST-CAPITAL
- Ukrainian Bank for Reconstruction and advancement
- OXY BANK
- JSC “FIRST INVESTMENT BANK”
- AGROPROSPERIS BANK
- NovaPay
- ProCredit Bank
- Cominbank
- Pravex bank
- FC “EVO” (RozetkaPay)
- BANK “UKRAINIAN CAPITAL”
- SENSE BANK
- SKY-BANK
This coordinated effort by Ukrainian banks demonstrates a commitment to safeguarding the financial system and protecting it from exploitation. The new measures are expected to significantly reduce the risk of financial crimes and enhance public trust in the banking sector.
Ukraine Tightens Bank Transfer Limits: What You Need to Know
Ukraine has introduced new restrictions on bank card transfers,effective February 1,2025. These changes, aimed at combating financial crime and strengthening the nation’s economic stability, will limit daily transfers to UAH 50,000 ($1,350 USD approximately) and monthly transfers to UAH 100,000 ($2,700 USD approximately). While the move may seem drastic,officials assure the public that the impact on everyday citizens will be minimal.
The National bank of ukraine (NBU) implemented these measures to enhance financial security and combat illicit activities. The new regulations aim to curb money laundering and other financial crimes, a critical concern in times of ongoing conflict and economic uncertainty. The limits are designed to target larger, potentially suspicious transactions, while leaving the majority of everyday financial activities unaffected.
“The vast majority of Ukrainian citizens will not feel the limitations of card transfers which are implemented by banks,” stated vasily Furman, a member of the NBU Council. This assertion is based on the understanding that most Ukrainians’ daily financial transactions fall well below the newly established limits.
For individuals whose financial needs exceed these limits, the NBU offers a solution.Citizens can provide thier bank with supporting documentation, such as salary certificates or other proof of income, to request an increase in their transfer limits. This provision ensures that legitimate financial activities are not unduly hampered by the new regulations.
The implications of these changes extend beyond individual transactions. The new limits are expected to contribute to greater transparency and accountability within the Ukrainian financial system, potentially attracting further international investment and bolstering the country’s economic recovery efforts.While the short-term impact on some businesses might require adjustments, the long-term benefits are anticipated to outweigh any initial inconvenience.
The NBU continues to monitor the effects of these new regulations and remains committed to adapting its policies as needed to ensure the stability and security of the Ukrainian financial system. Further updates and clarifications are expected in the coming weeks.
Ukrainian Banks Crack Down on Financial Crime with New Card Transfer Limits
In a major move to safeguard Ukraine’s financial system against illicit activities, the Association of Ukrainian Banks (AUB) has spearheaded a collaborative effort among 29 financial institutions to implement stricter controls on card transfers. This initiative, aimed at enhancing clarity and boosting public trust, follows a memorandum signed by four leading Ukrainian banks and has since been embraced by 23 additional banks and two financial companies.
Early Commitment, Expanded Reach
The collaborative effort against financial crime initially saw four major Ukrainian banks – Oschadbank, Raiffeisen Bank, PrivatBank, and Global Bank (Monobank) – sign a memorandum on December 10th. This groundbreaking agreement has since expanded its reach, with 23 additional banks and two financial companies joining forces.
!Image of Ukrainian bank building or relevant imagery
“Ukrainian banks are taking a proactive stance against financial crime.”
This concerted action demonstrates the banking sector’s commitment to addressing the growing threat of financial crimes and protecting the integrity of Ukraine’s financial system.
Combating “Drop Schemes” through Collaborative Action
The AUB, in a recent meeting with top banking executives, emphasized the need for “combining the efforts of the banking sector to effectively combat financial crimes that undermine the stability of the economic system”, as stated in their press release.
AUB President Andrey Dubas underscored the meaning of this collaborative initiative, stating, “The signed Memorandum is the market’s response to the challenges facing the banking system and is aimed at minimizing abuse through ‘drop schemes’. we are convinced that the implementation of these measures will considerably reduce risks, ensure transparency, and increase confidence in the financial sector of Ukraine.”
understanding the New Transfer Limits
Under the memorandum, clients are classified into three risk tiers – “high”, “medium”, and “low” – based on factors like income verification. These risk assessments directly impact the limits placed on card transfers:
High Risk: UAH 50,000
Medium or Low Risk: UAH 150,000
Participating Banks
The following 29 financial institutions have joined the memorandum:
Oschadbank
Raiffeisen Bank
PrivatBank
universal Bank (Monobank)
Ukreximbank
UKRGASBANK
CRYSTALBANK
GLOBUS BANK
MTB BANK
RADABANK
Idea Bank
ALTBANK
Alliance bank
EPB
CLEARING HOUSE
policombank
BANK TRUST-CAPITAL
Ukrainian Bank for Reconstruction and Advancement
OXY BANK
JSC “FIRST INVESTMENT BANK”
AGROPROSPERIS BANK
NovaPay
ProCredit Bank
Cominbank
Pravex bank
FC ”EVO” (RozetkaPay)
BANK “UKRAINIAN CAPITAL”
SENSE BANK
* SKY-BANK
This extensive approach demonstrates the commitment of Ukraine’s banking sector to enhancing financial security and instill confidence in the nation’s financial system.
