Total monitoring of bank cards: limit of 5000 UAH

Since April 28, Ukrainian banking institutions are required to identify and verify clients, as well as monitor payments over UAH 5,000.

The law reduces the limit of cash that can be transferred without identifying the sender from 15 to 5 thousand hryvnia. That is, when trying to send an amount exceeding this limit through a bank or terminal, the client will have to identify themselves - in a bank this may be by presenting a passport, tax identification number, driver's license, when paying through a terminal - a digital signature, BankID, etc.

The following are not covered by the law:
– payment of housing and communal services, taxes, fines, other mandatory fees and charges (regardless of the amount);
– payment of a loan in the amount of up to UAH 30 thousand;
– transfers for payment of goods and services made by the payer using a payment card (or other electronic payment instrument), if its number accompanies the transfer (regardless of the amount);
– all cash transfers within Ukraine in the amount of up to 5 thousand UAH;
- withdrawing funds from your account.



Ukrainians can make any transfers up to 5 thousand hryvnias without any formalities, and withdraw funds from their own account without any restrictions on the amount.

A clear "taboo" for Ukrainians will be sending cash in the amount of over 5 thousand hryvnias via a terminal or any payment system without identification. For example, if a client wants to send, say, 6 thousand hryvnias via Western Union, he will be required to present a passport. If you try to send this amount via a bank terminal, you will have to use your own bank card to identify the sender. It will be possible to send only no more than 5 thousand hryvnias via a non-bank payment terminal.

It is worth mentioning separately the changes that the law will entail in terms of purchases.
So, if the purchase is made in an online store, subject to payment for goods delivered, say, by "Nova Poshta", with a check for less than 5 thousand UAH, no problems will arise. If the "limit" is exceeded, you will have to present your passport.

When paying for goods or services in the amount of less than 30 thousand hryvnia, you can do without mandatory verification, but on condition that there is a sales contract, according to which the seller can be tracked using a unique financial transaction account number.

At the same time, in a number of areas, Ukrainian citizens will also have to face financial monitoring, for example:
– in the gambling industry, if a player decides to place a bet over 5 thousand hryvnia, he will have to undergo identification and verification;
– in the field of insurance, with the exception of cases that do not provide for the implementation of an insurance payment in the event that the insured person survives until the end of the insurance contract and/or the insured person reaches a certain age specified in such contract, for which the client is an individual and the total insurance payment is UAH 27,000;
– when purchasing precious metals and products made from them for cash in the amount of 40 thousand hryvnia;
– when purchasing real estate, then real estate companies are required to carry out identification.

Control of non-cash transactions via a card provides a lot of opportunities to identify hidden employment or unregistered entrepreneurial activity. Thus, if large and stable inflows of funds come to one card through the same senders, it can be assumed that we are talking about income hidden from taxation and the owner of such an account may be required to register as an entrepreneur in order to receive additional income to the budget

To begin with, accept that payment amounts over $170 may be subject to blocking and verification FROM THE BANK. It is unknown whether the data will be transferred to the tax authorities.

Let's stock up on popcorn and wait for further developments.

In fact, nothing terrible happened.

Previously, the financial monitor inside the bank was for amounts over 15,000 UAH, now it will be from 5,000 UAH. The law on banking secrecy has not been repealed, so this remains an internal task of the bank - to combat money laundering and illegal payments.

The mechanism for solving this problem is verification of the sender and recipient.

All transfers within Privat-24 are problem-free, since both the sender and recipient are identified. The only thing is that semi-legal online stores may ask to split large payments into parts, in multiples of 5,000 UAH.

For online casino players this means that any large win must be ordered for withdrawal in portions not of 14,000 UAH (as many casinos forced to do earlier), but of 4,999.

While e-wallets do not require something like this for the corresponding amounts (for example, Skrill, Revolut, etc.). You can order cards from them. It will cost its percentage, but still....

A throw-in is a throw-in, even in Africa A throw-in
Read trusted sources
finance.liga.net/personal/article/izmene...sh-koshelek-v-2020-m
You can read the law itself here w1.c1.rada.gov.ua/pls/zweb2/webproc4_1?pf3511=66949

The draft Law proposes to simplify the procedure of mandatory reporting of SPFM to State Financial Monitoring on Financial Transactions. The procedure for carrying out primary financial monitoring will change and be simplified as much as possible, since SPFM will require less than an hour to identify threshold financial transactions, and the amount of such financial transactions increase from 150,000 to 400,000, and the number of signs for which information about financial transactions is transmitted to State Financial Monitoring will change from 17 to 4.