Strict limits on money transfers in Ukraine
Banks in Ukraine are introducing strict limits on money transfers, but there are documents that allow raising these limits to 500 thousand hryvnias and more. According to current regulations, transfer limits are divided into three categories depending on the level of risk:
- for the 'high risk' category, a limit of 50 thousand hryvnias is established;
- for 'medium' risk, the limit is 100 thousand hryvnias;
- for 'low' risk, the limit is also 100 thousand hryvnias.
To increase these limits, clients must confirm the legality of the source of funds. For this, certain documents must be provided, namely:
- dividend statement;
- OK-5 statement;
- OK-7 statement.
OK-5 and OK-7 statements are considered the 'gold standard' for financial monitoring, confirming their importance in the process of raising limits.
Limit increase practices in banks
Savings Bank, one of the largest banks in Ukraine, does not keep statistics on requests for limit increases. According to monitoring of client appeals in open sources and written inquiries to the bank, requests for limit increases are uncommon. Meanwhile, increasing the limit in financial institutions is quite a common practice. It is easiest to do this in small banks, while in large retail banks, the process may be more complicated, as noted by the senior partner of the law firm 'Kravech and Partners'.
'Increasing the limit is quite a common practice.' - senior partner of the law firm 'Kravech and Partners'
The introduction of strict limits on money transfers in Ukraine indicates a growing focus on financial monitoring and preventing financial crimes. Although there is a possibility to increase limits, the process requires certain efforts from clients who must document the legality of their funds. This may influence client behavior in choosing banking institutions, as the ease of accessing services may vary depending on the size of the bank.