In Ukraine, financial institutions are tightening control over card-to-card transfers to prevent fraud and money laundering. Citizens should know the transaction limits to avoid checks or account blockages. This was reported by lawyer Bohdan Yankiv in his blog.
What amount of card-to-card transfers do not attract banks' attention
According to the lawyer, transfers up to 30,000 UAH per month usually do not raise questions for banks and are considered safe. However, transactions between 30,000 and 400,000 UAH may attract the attention of financial institutions, especially if they do not match the usual activity of the client. In such cases, the bank may request additional explanations or documents.
Transactions exceeding 400,000 UAH per month automatically fall under mandatory financial monitoring. Without confirmation of the source of funds, accounts may be frozen.
Who is most at risk of falling under banks' financial monitoring
In addition to transfer amounts, banks pay attention to certain categories of clients and types of activity. The following categories attract close monitoring:
- Legal entities registered less than a year ago.
- Companies in the gambling, entertainment, or cash transport sectors.
- Realtors and sellers of precious metals.
- Providers of investment services.
- Companies related to pharmaceuticals, energy, mining, or government tenders.
«If your transfers look unusual, the bank has the right to ask for documents. Without them, the account may be blocked», – emphasized Bohdan Yankiv.
To avoid problems, experts advise keeping documents that confirm income sources, such as salary certificates, contracts, or tax returns. It is also important to avoid frequent small transfers of large sums that may look suspicious.
Earlier, experts explained how to transfer money to a card and avoid problems with the tax authorities and banks.