No more than UAH 100,000 of card transfers, limitation of the number of accounts and checks for individual entrepreneurs – new restrictions

In the near future, 7 major Ukrainian banks intend to sign a memorandum to tighten restrictions on card transfers to individuals. It is also planned to limit the number of accounts in one currency. In addition, banks plan to strengthen financial monitoring of individual entrepreneurs. This is reported by Forbes Ukraine, citing the text of the memorandum.

It is reported that at least 7 banks intend to sign such a memorandum: Oshchadbank, OTP Bank, PrivatBank, Pravex Bank, FUIB, Raiffeisen Bank, Universal Bank (serves Monobank).

How the rules for card transfers for individuals will change

Banks are planning to introduce new restrictions on card transfers, covering both international and domestic transactions. They will come into effect in two stages:

• from January 1, 2025: the limit will be UAH 150,000 per month;
• from June 1, 2025: the limit will be reduced to UAH 100,000 per month.

To increase the set limit, customers will need to provide documents confirming a higher level of income.

These restrictions will remain in place at least until the end of 2025, although it was previously reported that they would be lifted in April 2025.

Transfers using IBAN accounts, which have grown in popularity since the introduction of restrictions on P2P transfers, will also come under control. According to BVR CEO Khrystyna Karmazina, the number of such transactions increased by 26%.

For «risky» customers, the restrictions will be stricter, up to UAH 50,000 per month. The document does not specify who is included in this category.

Another initiative of the banks is to limit the number of accounts in one currency. A client without documentary evidence of income will be able to have a maximum of three accounts.

In addition, banks propose to expand their access to information about clients’ income, court cases, and create a register of «doubtful clients» who may be associated with drops.

Inspections of individual entrepreneurs

In early November, the NBU published recommendations for detecting «business splitting» — schemes used for tax optimization. The following innovations apply mainly to individual entrepreneurs:

• For Group I sole proprietors registered for less than six months, enhanced financial monitoring will be introduced.
• For Groups II and III, the inspections will be less stringent, but each bank will apply an individual approach to risk assessment.

The main risk indicators include a sharp increase in account activity, zero balances at the beginning and end of the day, and splitting payments (in particular, round sums).

Banks will also share information about violations with the State Financial Monitoring Service, the Ministry of Justice, and the Tax Service. If a customer fails to provide documents explaining risky transactions, the bank may close the account and pass the data to law enforcement agencies.

It is also planned to introduce automatic verification of clients’ income through centralized state databases and exchange of information between banks that have signed the memorandum.

Source: Forbes Ukraine