The National Bank of Ukraine (NBU) is setting a limit of UAH 150,000 per month for outgoing person-to-person transfers (P2P) for six months from October 1, 2024, the central bank’s website reported on Tuesday.

“The limit applies only to outgoing transfers across all client accounts opened in one bank to the accounts of other individuals. The limit does not apply to the accounts of volunteers who meet the criteria defined by the resolution, and to individuals whose monthly income from confirmed sources exceeds the amount of the established limit,” the regulator’s press release says.

It is noted that the limit does not include transfers of client funds between their own accounts in one bank, and it does not apply to transfers of legal entities. Operations using IBAN details are not limited, the National Bank specified.

"According to the NBU, 98% of bank clients make monthly transfers that do not exceed the specified amount, therefore, the established restrictions will in no way affect their financial activity," the regulator noted.

According to the central bank, the introduced limit will help minimize the use of payment infrastructure in illegal activities, in particular using "drop" accounts, which are a common mechanism for the functioning of the shadow economy.

As reported, the NBU previously planned to introduce a limit of UAH 100,000/month on P2P transfers during the third week of August, but the decision was slightly delayed. According to the regulator's estimates, this would make the implementation of schemes for fraudsters up to 5 times more expensive.

"Drops or money mules are individuals who allow a third party (fraudsters) to use their bank account for their operations for a financial reward.