Ukrainian Central Bank Urges Joint Monitoring of P2P Transfers by Banks
The National Bank of Ukraine has called on commercial banks to collaborate in monitoring P2P transfers to prevent fraud under the 150,000 hryvnia limit established from October 1st.
According to NBU Deputy Chairman Dmytro Oleinik, some financial institutions neglect to combat “drops,” prioritising customer base growth over the risks of using the bank for money laundering.
In response, the regulator recommended that banks agree at the association level to use the confirmed income level of clients, as indicated in their profiles, as the main criterion for applying limits.
“[Such limits should be] established simultaneously across the market to prevent clients from switching from one bank to another,” Oleinik noted.
NBU Governor Andriy Pyshny stated that preventing the use of banks in illegal tax evasion schemes would increase funding for the growing budgetary needs.
“Our position is that the market should not be overregulated. However, when the budget loses billions in taxes due to illegal schemes, such steps are necessary,” he explained.
Over the next month, the regulator will begin creating a registry of compromised cards, followed by a registry of “unreliable” merchants. Simultaneously, there will be an enhanced analysis of FOP in corporate tax evasion practices.
The NBU also anticipates counterproposals from the banking community.
The NBU has cautioned the media against misinterpreting previously published information. The regulator does not plan to impose any additional restrictions on bank client accounts.
“Banks, payment, and financial institutions continue to operate and conduct due diligence on their clients solely within the framework of financial monitoring legislation and NBU requirements,” reads a Facebook post.
Previously, experts interviewed by ForkLog expressed concerns about the negative impact of P2P transaction limits on Ukraine’s crypto market.
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