Today, a new law on financial monitoring comes into force in Ukraine. There is a lot of information on the web about this. We get hundreds of questions about this law from clients, friends, acquaintances and even our own employees. That is why we want to explain what’s what and reassure our Ukrainian clients a little.
The law is voluminous, but let’s focus only on those points that are useful to ordinary citizens and our clients.
1. Any cash transactions over UAH 5000 must be verified (previously it was more than UAH 15000). That is, if you want to top up your mobile in iBox for 6000 UAH at a time, then you will not succeed. But you can easily replenish your account from the Privatbank terminal if you insеrt your card into it (this is verification, and it has always been). When making any transactions at the bank, when you pay for something and give your bank card, the bank will verify you using this card (as it was before). We do not see anything good or bad in this, because in fact, in practice, almost nothing has changed.
2. The amount of financial monitoring was increased from UAH 150000/month to UAH 400000/month. This means that now, when replenishing a card up to 400 thousand UAH / month, you can not wait for calls / letters from the bank and not explain where you have so much money from. This is definitely a plus!
3. When making p2p transfers from UAH 5000 to 30000, the sender will have to indicate the name of the recipient at the time of initiating the payment. This is a complex and controversial point that banks must implement within 3 months. In practice, this item will cause inconvenience only to banks, because they must implement it on their side. This paragraph will not affect ordinary citizens in any way. Our customers will be able to buy electronic money at a time up to UAH 30k, as well as receive UAH payments in chunks up to UAH 30k (now it is a maximum of UAH 15k). And this is another definite plus!
4. At the same time, we want to clarify that the following do not fall under the new law: – payment of a communal apartment, payment of taxes, fines, other obligatory payments (regardless of the amount); — payment of a loan up to UAH 30000; – payment for goods and services using a card or other payment device, if its number accompanies the transfer (regardless of the amount); — all cash transfers within Ukraine up to UAH 5000; – withdrawal of funds from your own account.
