Banks may block cards of Ukrainians until sources of income are clarified

Ukrainians will have to explain their source of income.

Ukrainian banks have the right to block customer card and contact him for clarification. This can happen in the case of atypical transactions that do not correspond to the financial capabilities of the client.In accordance with the provisions of the Law «On Preventing and Combating the Legalization (Laundering) of Proceeds from Crime…», banks must identify payers. Up to UAH 5,000, you can top up an account or card without personal identification in cash.

If several payments of UAH 5,000 each are received on the account in one day, the bank may temporarily block the account and ask for explanations.

< p>In September 2021, the maximum amount of transfers without identification was increased by 1 hryvnia. The law was adopted due to the fact that most often it was inconvenient for Ukrainians to transfer the amount up to 4999 hryvnia, so they decided to round it up.

In addition, in 2021, the Verkhovna Rada attempted to raise the maximum amount of anonymous transfers to 25 thousand hryvnia, but the decision was postponed.

At the same time, banks establish their own financial monitoring system standards, the rigidity of which may vary.

Transfers without financial monitoring

The norms of the law do not apply to:

• payment of housing and communal services, payment of taxes, fines, other mandatory fees and payments (regardless of the amount);
• payment of a loan in the amount of up to UAH 30,000;

< li>transfers to pay for goods and services made by the payer using a payment card or other electronic means of payment), if its number accompanies the transfer (regardless of the amount);

• all cash transfers within Ukraine in the amount of up to 5 thousand UAH;
• withdrawal of funds from your own account.

Recall that amendments to the law on financial monitoring came into force in April 2020.