Ukrainian banks have the right to stop the operations of their clients if large sums are received on their accounts that raise suspicions about the legality of the origin of the funds. This was reported by Kateryna Rozhkova, the first deputy head of the National Bank of Ukraine, in an interview with "We are Ukraine".
When can banks block transactions?
As Rozhkova noted, financial institutions require explanations and supporting documents in cases where:
- Considerable funds are deposited into an individual's account, and the bank has no information about their origin.
- The owner of the account does not work officially anywhere or receives a minimum wage.
- Individuals use their accounts instead of sole proprietorship accounts to avoid additional taxes.
"Often, entrepreneurs try to save money by using personal accounts for business operations. This creates a situation where the bank does not understand where the money is coming from. In such cases, the operations may be stopped until the supporting documents are provided," Rozhkova said.
Kateryna Rozhkova emphasized that similar situations arise due to the desire of businessmen to minimize costs and maximize profits. At the same time, the state seeks to ensure the payment of taxes.
"This is an ongoing life story that looks like a search for justice. But, in my opinion, the current conditions are not the best for such searches," she emphasized.
Are cards blocked for frequent cash withdrawals?
Recently, there have been rumors that banks can block the cards of Ukrainians for frequent cash withdrawals, especially if it happens more than three times a month or for large amounts. However, the National Bank of Ukraine officially denied this information.
"The NBU has not introduced and does not plan to introduce restrictions on frequent cash withdrawals from bank cards," the regulator said in a statement.
What should you pay attention to?
Ukrainians are recommended to:
- Use separate accounts for business operations.
- Maintain the transparency of your financial transactions.
- Keep documents that confirm the legality of income.
In case of suspension of operations or blocking of the account, it is important to promptly provide the necessary confirmations to the bank. This will avoid further problems and quickly restore access to finances.
