Memorandum on ensuring transparency of payment services: new transaction limits from February 1
The Memorandum on ensuring transparency in the functioning of the payment services market comes into effect on February 1. The main goal of this initiative is to prevent fraudsters and other malicious actors from using payment cards and infrastructure. The implementation of the Memorandum is expected to help reduce the shadow economy and effectively counteract activities financed by Russia through the use of so-called “drops.”
In accordance with this document and applicable legislation, OTP BANK JSC will monitor financial transactions. Specifically, it will verify the compliance of transactions with the bank’s available data on clients, their activities, and risk levels, including information about the source of funds if necessary.
To comply with these requirements, the bank is introducing limits on non-cash outgoing transfers in UAH from individual accounts to other individuals’ accounts using IBAN details. These limits are calculated and set individually for each client based on the bank’s available data and a risk-based approach. The established limit is from 150,000 UAH/month for clients with a “low” or “medium” risk level and from 50,000 UAH/month for clients with a “high” risk level.
Clients will be able to check the current available transfer limit for the ongoing month in the OTP Bank UA mobile application.
If a client needs to make transfers exceeding the set limit, they can contact the Bank’s Information Center or visit any bank branch to provide documents confirming the source of funds. The bank will review the submitted documents within three business days, and if approved, the available limit will be increased.
Contacting the Bank’s Information Center:
- Phone numbers: (044) 490 05 26 or (044) 290 92 36 (available 24/7; call charges depend on the client’s telecom operator).
- Messengers: Facebook Messenger, Telegram, and Viber.
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Public Joint Stock Company OTP Bank is a subsidiary of OTP Bank, which is the largest independent Central-Eastern-European banking group. JSC OTP Bank is one of the largest domestic banks, a recognized leader in the financial sector of Ukraine. The Bank provides a full range of financial services to corporate and private customers, as well as to small and medium enterprises. The bank entered the Ukrainian market in 1998, and since then it enjoys a staunch reputation of socially responsible, reliable and stable institution providing its consumers with services of European quality standard.
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