The National Bank of Ukraine is working on a decision to limit card transfers and limits for cash transfers through terminals. This may concern those who carry out shadow operations.
First Deputy Head of the NBU Ekaterina Rozhkova said this at the conference “Finance for Business during War”
As Rozhkova noted, restrictions on the disposal of funds for individuals “is a very sensitive topic.” Therefore, the NBU will not announce anything until it makes a final decision.
She acknowledged the relevance of shadow payments, since “a significant part of business continues to use various mechanisms for evasion, tax reduction, etc.”
As example No. 1, she cited the gambling business and recalled that several banks were deprived of licenses for creating schemes and mechanisms.
Rozhkova said that the decision will be made in a form that will not limit “normal business, normal people,” but will reduce the opportunities for manipulation and circumvention of the law.
Earlier, the head of the Verkhovna Rada’s financial committee, Daniil Getmantsev, said that the committee meeting considered the NBU’s report on shadow financial transactions.
He said that during the NBU's inspection of banks and non-bank financial institutions, numerous violations were identified that created conditions for conducting multi-billion dollar transactions (transfers) using electronic payment instruments, including through self-service terminals.
According to him, to correct the situation, the NBU proposes:
- amendments to the law “On Payment Services”, on strengthening the requirements for the amount of equity capital of payment service providers and increasing the amount of fines for violating the requirements of legislation regulating activities in the payment market
- establish at the legislative level, for the period of martial law, restrictions on the implementation of financial transactions using details of electronic payment instruments, limits on the amount of transactions, their quantities, etc. As well as the maximum amounts of cash transfers made using self-service terminals.
