On December 10, 2024, a number of Ukrainian banks signed an important memorandum that tightens the limits on P2P transfers and expands their scope to include payments via IBAN.

Details of the new restrictions:

The memorandum titled "On Ensuring the Transparency of the Functioning of the Banking Payment Services Market" was signed by Oschadbank, PrivatBank, Raiffeisen Bank, Universal Bank (monobank), as well as two important associations — the Independent Association of Banks of Ukraine and the Association of Ukrainian Banks.

Ukrainian MP Danilo Hetmantsev commented that this move is crucial for combating tax evasion and the legalization of criminal income. In particular, it addresses the issue of splitting businesses into individual entrepreneurs, which will now be impossible.

According to the new rules, if a client cannot confirm the source of their income, the limits on outgoing transactions will be as follows:

• For high-risk clients — 50,000 UAH per month;

• For medium and low-risk clients — 150,000 UAH from February 1, 2025, and 100,000 UAH from June 1.

Clients can appeal to the service provider to review these restrictions if they can confirm their income source.

The memorandum also imposes limits on the number of accounts available to individuals (excluding credit, deposit, and government support programs). A client may have no more than three accounts in the same currency. If this limit is exceeded, enhanced financial monitoring measures will be applied.