Law on financial monitoring comes into force in Ukraine

Source : 112 Ukraine

The law increases the threshold amount of the financial operation, which should be monitored – from 150,000 hryvnia up to 400,000 hryvnia ($5,526-$14,737)
11:40, 28 April 2020

Open source

April 28, the law, aiming to fight against the legalization of income, derived from crimes, entered into force in Ukraine.

From today, the banking system will start to severely control all financial operations with cash (deposit, transfer, receiving money) and remittances in Ukraine and from abroad starting from 5,000 hryvnias ($184). It will be impossible to recharge a card through the cash deposit machine without identification. However, it does not concern money transfer from card to card as the bank card is already identified and the bank possesses all information about owners of the cards.

This restriction does not mean that a person can split a particular sum into a few payments. A person can get the funds only without signs of the connection with other operations, which exceed $184 in total. The card and funds in such cases might be blocked and the bank will ask to provide explanations for the origin of the funds; if the bank finds the explanations inadequate then there will be no access to the funds. A person should file an application to the court for unblocking the funds.

Related: National Bank lifts restrictions on currency purchasing for credit funds

The new law also increases the threshold amount of the financial operation, which should be monitored – from 150,000 hryvnias up to 400,000 hryvnias ($5,526-$14,737). Simultaneously, the number of signs, according to which the operation should be monitored, decreased from 17 to 4.

Concerning the transfers within Ukraine, if the sum of the transfer is less than 30,000 hryvnia ($1,105), it should be filed with at least the account number of the payer and payee. If the sum is bigger, then, the detailed information should be provided.

Related: Verkhovna Rada ratifies agreement between Ukraine, European Investment Bank

From today, it will be possible to open an account in the bank with the help of the video-conference, BankID, or electronic sign (without the personal presence of the client).

As we reported, the National Bank of Ukraine (NBU) warned citizens of massive SMS-distribution from phone scammers. They represent themselves as bank workers, offering clients to get financial assistance from the bank during the quarantine.


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