The National Bank of Ukraine has decided not to extend the regulatory restrictions of UAH 150,000 per month on outgoing transfers (i.e. P2P, C2C) from all accounts of individual customers opened with one bank to accounts of other individuals.
The mentioned restrictions contributed to drafting comprehensive joint solutions for minimizing misuse of payment infrastructure for illegal activities both due to legal amendments and market self-regulation resulting from the Memorandum. When the restrictions were in effect:
- Law of Ukraine No. 3994-IX On Amendments to Certain Laws of Ukraine on the Consolidation of Functions of the State Regulation of the Financial Services Markets dated 8 October 2024 (based on the draft law No. 11043-IX that prescribes the increase in penalties imposed on violators of the law on payments) was adopted and came into effect
- Memorandum to Ensure Transparency of Payment Services Market Operation was drafted and signed, and the majority of banks servicing retail customers and payment service providers licensed to provide retail settlement account joined the Memorandum
- banks and nonbank payment service provider continue improving operations of payment transaction monitoring system in line with NBU requirements and recommendations
- law enforcements are working to identify and stop criminal schemes. For example, the Economic Security Bureau of Ukraine recently uncovered a network of more than four thousand drops
- The NBU has drafted a concept note for setting up the register of persons subject to advanced monitoring of payment transactions. The proposal was submitted to the Committee of the Verkhovna Rada of Ukraine for consideration in April.
Last year, the regulator recorded an abnormal surge in P2P transfers that have currently decreased due to introduced regulatory restrictions and NBU communications that drew attention of the market to the "drops" problem and the introduction of the Memorandum. The short-term trend of boosting numbers of payment cards recorded in September–October last year has also ceased.
The NBU will continue to monitor the situation and come up with other initiatives to advance effective combating with illegal drops schemes and take additional measures in line with its regulatory mandate as needed.
In December 2024, Ukrainian banks signed the Memorandum to Ensure Transparency of Payment Services Market Operation under coordination of bank associations.
The Memorandum signatories are obligated to execute customer transfers in accordance with the implemented risk-based approach. Thus, limits will not be imposed on transactions of customers with confirmed sources of income (including customers with salary accounts and other customers with confirmed income), as well as volunteers identified by the payment service provider in accordance with the requirements of NBU Board Resolution No. 18 dated 24 February 2022 (as amended).
Payment service providers that signed the Memorandum are obligated to set limits (that are also applicable to IBAN transfers) on transactions customers, who have no confirmation of income.