Law on Financial Monitoring: How to Transfer


How the new law will affect the popular financial transactions of Ukrainians


Legislation on financial monitoring: how to make transfers and pay for services properly. Photo:

On April 28, the new requirements to prevent the legalization of crime proceeds and pay according to the law on counterclaims (No. 2179). The National Bank of Ukraine reported that ordinary money transfer operations would be affected by changes in the law.

How to transfer a relative or acquaintance to 10 thousand UAH: How to identify if you need to go to the bank

According to the National Bank, if this money is in the account of a citizen, then it is better to make cashless payment in the account of friend or relative. Such payments have been made previously, without restriction on the amount. This is due to the fact that the owners of the bank accounts have already been identified and verified by the banks, who have opened such accounts for them. Such transfer can be done remotely using remote banking services (Internet banking).

How to do cash transfer:

  1. At the bank branch with passport
  2. Through cash-in devices – self-service terminals
  3. ATM (PTKS), which will technically be able to provide payer verification

for example. If it is a PTKS bank in which the payer has a card, the bank will be able to verify it using this card.

By the end of 2020, financial institutions should equip their PTCs with various technological capabilities to identify users.

If there is a limit of 5 thousand for transfer, how many times can I transfer for this amount?

Non-cash payments from card to card or account can, as before, be made without any restrictions. It is not necessary to divide the payment into parts.

As National Bank specifies, such transfers are low-risk operations, banks will not carefully examine them. The new law focuses on the analysis of risky and large-scale operations in amounts exceeding 400 thousand UAH. The National Bank emphasized that the regulator has never required bank customers to provide information on sources of funds for ordinary operations in small amounts.

Will the card be blocked if an amount of 5 thousand UAH is transferred to it twice a day?

No, since such low-risk operations are not subject to audit for financial monitoring. However, financial institutions must comply with certain technical requirements of the law, for example, assign a unique number to each transaction. Similar technical issues should be resolved by the end of 2020.

Is it necessary to confirm the origin of money in the bank when cash transfer in the amount of more than 5 thousand

No, not required. For each small payment, citizens are not required to have details of income or other documents with them. This not only applies to the transfer of money to other citizens and payment for goods and services, but also to the transfer of money to your account. The origin of the funds should only be confirmed during large operations of more than 400 thousand dollars.

Is identification necessary when transferring 10,000 UAH cards through a self-service terminal?

Such payment can be made at a bank branch, near you or through PTKS, which can technically provide verification of the payer (read data from its card). In this case, such an operation can be performed through a terminal. In other cases, a limit of up to 5 thousand will be set in PTKS.

Is identification necessary when transferring 10 thousand UAH from one card to another?

No, this is not necessary, as all cardholders are already recognized by banks. They can transfer as easily, without any restrictions. Banks already know about them, they know the general operations on payment history etc.

Now how to recharge credit card through terminal?

As stated by the editors of PaySpace Magazine, payment cards including credit cards can now be exchanged for up to 5 thousand in cash through self-service terminals and without identifying the payer. From 5 thousand UAH – through a bank branch or PTKS, which can technically provide verification of payer (read data from its card).

Is there a limit for transfer from abroad to foreign currency account?

Since it is a currency account of a previously identified bank customer, no limit has been set for depositing funds in the account, reports National Bank. As before, no limits and restrictions on depositing money in an account transferred from abroad have been established by currency law or by law on financial monitoring.

Now how to get swift transfer to card?

There is also no restriction, as the transfer is made to the already identified bank customer’s card. If the bank has questions about such a transfer, the client will only need to explain the essence of the operation.

Do I need identification when purchasing goods in online store for an amount of 40 thousand UAH, if it is a transfer to the card? What to do if the goods are delivered through postal operator?

When paying with a card for goods and services in an online store, you only need to perform such an operation with the card number of the payer. As noted by the NBU, this is one of the exceptions to the identification provided by law.

Is identification necessary when transferring 10 thousand UAH in cash through the international money transfer system?

Yes, during this operation, it is necessary to identify and verify the payer. To perform such an operation, you must have a passport and explain what kind of payment it is, for example, indicate in the description that it is an aid to relatives.

If the sources of funds are not confirmed, will the account be blocked and frozen if more than 400 thousand hryvnias are transferred?

According to the NBU, the bank does not improperly block customer accounts if it has all the necessary information about them. Account opening provides the customer with information about the bank, its income, etc. The bank looks at the history of the customer’s operations every day and knows what operations are common to him. If a customer tries to make an unbreakable transaction that does not fit his financial capabilities, the bank will ask for a proper explanation. If the client explains that this, for example, is the result of inheritance, the bank will carry out the operation and the client will be able to use these funds calmly.

Is it possible for a charity to pay in the amount of 10 thousand UAH?

Everything will be the same. The law does not impose any restriction on cashless payments.

Is authentication required when using an electronic wallet? Is it necessary to identify the users of mobile operators?

Yes, identification and verification of e-wallet owners is required. However, we are not talking about the wallets that customers use to pay for mobile services. The law does not establish requirements for mobile operators. We are talking about customers who open electronic wallets independently so that various functions can be performed on them – purchase of goods and payment for services. Such users will have to be identified and verified by financial institutions by the end of the year. This requires their passport and identification code. Transactions through such wallets will be limited, and if the customer complies with these limits, he will be able to go through a simple identification.

Are the operations not subject to financial monitoring

Remote payment of utilities, payment of taxes, other general transfers of goods and services or citizens, especially from card to card.

READ ALSO: Payment of communal services, money transfer and remote identification: which will be affected by the law on financial surveillance

The National Bank also emphasized that it does not regulate identification and verification in the following cases, as other regulators are involved in it. Therefore, we are talking about identification and verification:

  1. Customers wanting to buy real estate
  2. Customer during tax consultation
  3. Customers who bet on bookies or play the lottery
  4. When the jewelry worth buying more than 50 thousand UAH
  5. Recipients of insurance benefits, etc.

Read: New law on financial monitoring: for which bank accounts will freeze


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