National Bank of Ukraine considers restrictions on P2P transfers

The National Bank of Ukraine (NBU) is set to roll out new restrictions on outgoing person-to-person (P2P) transfers, as announced by Dmytro Oliynyk, Deputy Governor of the NBU. Under the proposed changes, Ukrainians will be limited to sending a maximum of UAH 100,000 per month and conducting no more than 30 transfers. However, incoming transfers will remain unrestricted.

Ukraine's National Bank is considering new limits for P2P transfers between individuals: a maximum of UAH 100,000 and 30 transactions monthly.

These limitations come in response to the decision made by the National Security and Defense Council of Ukraine in April 2024, aimed at combating illegal gambling. The NBU plans to implement these restrictions within a month. Notably, these limits will exempt incoming transactions to avoid impeding the activities of groups like volunteers. In exceptional cases, provided with valid reasons and supporting documentation, individuals may apply for an increase in these limits.

Dmytro Oliynyk reassures that the majority of the bank’s customers will not be affected by these restrictions. Moreover, these measures aim to make it more expensive and challenging for fraudsters using individuals’ bank cards for illicit transfers.

The NBU reported a concerning trend involving illegal transfers, potentially amounting to billions of hryvnia. Scammers use cards of individuals who willingly share their personal information, particularly targeting pensioners or students with modest monthly incomes, yet their cards are being used for transactions worth millions of hryvnia daily.

Since autumn 2023, the Ukrainian regulatory body has observed a significant surge in P2P transfers, accompanied by a rise in both the quantity of cards used for such transactions and the average transfer sums from certain issuing banks. One major credit organisation notified the Central Bank of Ukraine of over 10,000 customers voluntarily granting access to fraudsters to their banking data between October and December 2023. Simultaneously, another bank reported more than 4,000 compromised cards during the same period.

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