Wednesday05 February 2025
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Ukrainians may have their cards blocked for withdrawing cash.

Ukrainians may have their cards blocked for withdrawing cash.
Украинцам могут приостановить действие карты за операции с наличными.
Украинцам могут заблокировать карту за снятие налички

Ukrainians may have their cards blocked for cash withdrawals

In Ukraine, there will be stricter requirements for banks regarding the monitoring of customer transactions and the suspension of suspicious activities. Specifically, the regulator insists on the necessity of identifying and controlling potentially risky operations in accordance with its recommendations. This is mentioned in a report by the publication "Economic News".

Among the key actions that may lead to account blocking or requests for additional documentation are:

  • frequent cash withdrawals — more than three times a month, especially in large sums;
  • frequent cash loans that the client promptly repays;
  • incomes that do not match the actual financial situation or significantly exceed the average level in the region;
  • transactions indicative of the legalization of illegal income (for instance, unexpected large transfers);
  • receiving funds from abroad that the client immediately withdraws in cash;
  • granting access to the account to third parties, which may indicate illegal use of the account;
  • large cash transactions exceeding the client's usual financial activity.

Additionally, transactions related to cryptocurrency, casino winnings, or funds from politically significant individuals often attract increased attention from banks. If a transaction is halted, the client may be asked to provide documents confirming its legality. For example:

  • income declarations or tax reports.
  • documents confirming the source of funds (purchase agreements, inheritance certificates, etc.).
  • statements from other financial institutions.

For transactions exceeding 400,000 hryvnias, verification is mandatory. In the absence of documents, the bank has the right to block the account and even terminate the client's service.

To avoid blocking, the following measures can be taken:

  • avoid frequent large cash withdrawals.
  • ensure the legality of income is documented.
  • have documentation for large transactions.
  • exercise caution with cryptocurrency and gifts from questionable sources.
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