New rules of financial monitoring in Ukraine promise to strengthen control over banking operations. Financiers and bankers shared practical advice on how to avoid falling under increased surveillance and keep your financial transactions invisible to banking services.
What are risky transactions?
Banks actively use financial monitoring to fight not only terrorism, but also the shadow economy. Here are the operations that may cause suspicion:
- Large cash deposits through payment terminals.
- Some banks consider the enrollment of more than 20,000 to be suspicious. UAH per day, others - even from 10 thousand. UAH
- Transfer of large sums to other individuals.
- For example, if your account received 100,000 UAH, and you distributed them among five recipients.
- Regular small payments.
- For example, 1 thousand three times a day. UAH daily can be suspicious.
- Small payments from several individuals.
- Frequent enrollments from other people may indicate illegal business activity.
How to avoid excessive attention of banks?
- Reduce the number of transactions through bank accounts.
Instead, use cash for spending. - Limit the regularity of transactions.
Avoid recurring pattern payments that may indicate business activity. - Consider using cryptocurrencies.
For example, USDT, which is tied to the dollar, and has convenient cash transfer points throughout Ukraine.
Experts predict that these restrictions are unlikely to help significantly reduce the shadow economy. Instead, they can reduce the flow of money through the banking system. Ukrainians, who previously received unofficial income on bank cards, are now likely to switch to cash payments or cryptocurrencies.
"Many entrepreneurs already prefer cash payment. After the introduction of new restrictions, this phenomenon will become even more common," said one of the bankers.
