NBU prepares to cancel UAH 150,000 limit on card transfers

The National Bank of Ukraine plans to cancel the UAH 150,000 limit on card-to-card transfers on weekends in the near future. The lifting of this limit may take place within one or two months, but provided that banks demonstrate effectiveness in identifying risky clients and preventing financial schemes.

This was stated by NBU Chairman Andriy Pyshny in an interview with *Forbes*. He noted that the introduced restrictions were temporary and in themselves are not an effective mechanism for combating the illegal use of bank cards in financial schemes, in particular with "drops" - front persons through whom dubious transfers are made.

According to the head of the NBU, the problem of "drops" can only be solved with a comprehensive approach. One of the key steps in this direction will be the adoption of a law on the register of such persons, which will allow banks to promptly track and block suspicious transactions.

In addition, the regulator expects banks to improve their internal control systems and begin to more actively apply a risk-based approach. The main principle that the NBU insists on is "know your customer". This means that financial institutions should more thoroughly check customers at the registration stage, analyze their financial activity and identify potentially suspicious transactions.

Pyshny emphasized that the problem of "drops" would not be so acute if banks paid more attention to analyzing the client's profile during their onboarding and monitored transaction history. This would avoid situations where illegal financial flows pass through bank cards.

Thus, the abolition of the limit on card transfers will directly depend on how effectively banks introduce mechanisms for controlling and combating fraud. If financial institutions prove their willingness to work in this direction, Ukrainians will be able to make large transfers without restrictions even on weekends in a few months.