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Is it possible to continue transferring money from the card over 5 thousand hryvnias?

Fake has been actively spreading on social networks since April 28 for the transfer of more than 5 thousand hryvnias it is necessary to indicate the source of origin of funds.
Fake is due to the fact that April 28 comes into force new version of the Law of Ukraine "On Prevention and Counteraction to Legalization (Laundering) of Proceeds from Crime, Financing of Terrorism and Financing of the Proliferation of Weapons of Mass Destruction."

So is it possible to transfer funds further? - Yes, you can.

A similar law now applies, which allows banks to suspend customer transactions because they do not correspond to the financial condition or content of the customer's business. There are no significant changes in this part of the new law.
As you can see from your own experience, there is currently no mass blocking of transfers between cards. There is no reason to say that something must change dramatically.

What will really change?
Most changes will affect cash transfers. Such transfers are made through bank cash desks and through payment terminals.
To make such a transfer in the amount of UAH 5,000 or more, the bank or payment system must not only identify the customer, but also verify it.
Verification is the verification of the data reported by the client. To do this, the bank can ask you to show your passport or driver's license.

From this rule also exist exceptions.
The Bank has the right not to re-verify the client, if he has done so before and he has no reason to doubt the accuracy of the data provided by the client. For example, If during the use of the PrivatBank terminal you are a client of this bank and you have confirmed this by entering your card number or your phone number, the bank can verify your identity by sending an SMS password. Familiar situation? Yes, banks do it now.

Also the bank may not verify your identitywhen you withdraw funds at an ATM from your card; pay taxes and fees; pay for utilities; you pay up to UAH 30,000 for goods or services, including those purchased on credit, and the payee can provide his bank with information about you as a payer; transfer less than UAH 5,000. If the bank believes that several of your small transfers are related, it may refuse to conduct them without verifying your identity.

What really important for business, so it is an increase in the threshold for financial monitoring from 150,000 hryvnias to 400,000 hryvnias.

If you want to prepare for the inspection, or you need to appeal the fine of the supervisory authority - leave your number and we will call you.


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