Since November 14, banks in Ukraine have introduced lower limits for transfers that can be made without additional confirmation of the origin of funds. The changes do not apply to all entrepreneurs, but only to newly created and long-time inactive natural persons-entrepreneurs - it is precisely such clients that banks consider a category of increased risk from the point of view of financial monitoring.
For FOPs of the second and third groups, the monthly threshold for transfers without documents is immediately reduced by three times - to UAH 1 million. Entrepreneurs of the first group, which covers the smallest turnover, will be able to transfer up to UAH 400,000 per month without additional explanations.
What will change in practice
Exceeding the new limits is not prohibited: it is only said that payments over the established limits will require additional confirmation - the bank will ask to explain the origin of the funds. According to the general rules of financial monitoring, banks have the right to delay transactions or refuse them if the client cannot confirm the source of income.
The new thresholds are prescribed in the updated bank memorandum on minimizing the risks of financial monitoring, which banks are guided by when working with clients of increased attention. For the majority of active FOPs with stable turnover and a history of operations on the account, the terms of transfers remain unchanged - the restrictions are specific, not general.
For businesses that receive payment from foreign customers or work with foreign exchange contracts, requirements to confirm the source of funds are already common practice. For more information on how a sole proprietorship should prepare for bank inspections during payments from abroad, read the article on FOP work with foreign customers.
Entrepreneurs planning large transfers in the coming days should prepare documents confirming the source of funds in advance - this will help avoid payment delays even after the new limits come into effect.
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