NBU introduces new requirements for businesses: cash acceptance only through accounts
29 August 2024 13:32
From now on, individual entrepreneurs and legal entities will not be able to receive cash for settlements with citizens if the transfer of funds is made without opening an account. This is reported by "Komersant Ukrainian" with reference to the NBU press service.
The National Bank of Ukraine has updated the rules for cash transactions in the national currency. From now on, cash transferred by citizens in favour of individual entrepreneurs or legal entities must be credited by payment services to the accounts of these entities in a non-cash form, using the IBAN number.
“That is, cash withdrawals by transfer without opening an account for business entities are possible only from their accounts (after preliminary crediting it in non-cash form),” the NBU explains.
The regulator emphasises that there are no such restrictions for individuals.
“Citizens can still choose the type of transfer and payment with business entities for services or goods that is convenient for them – in cash or non-cash,” the NBU said.
The National Bank of Ukraine explained that the new rule will help to increase the transparency of payment transactions and reduce the use of payment infrastructure in illegal activities, especially for tax evasion in the sale and purchase of goods.
In addition, the NBU has regulated the following issues:
- liability of payment service providers to users when providing payment services;
- withdrawal from circulation and transfer of suspicious banknotes (coins) by financial institutions for examination by the NBU and reduction of the timeframe for such examination.
The respective amendments were introduced to the Regulation on Cash Transactions in the National Currency and came into force on 29 August.
Within six months from the date of entry into force of Resolution No. 101, payment service providers must review and update their internal documents to bring them in line with the updated requirements of the regulator.
It is worth noting that starting from 1 October, the National Bank will introduce a six-month limit on card-to-card transfers.
The limit will apply only to outgoing transfers from all accounts of a client in one bank to accounts of other individuals.
The limit does not apply to accounts of volunteers who meet certain criteria and individuals whose monthly income from verified sources exceeds the established limit.
Also, the limit does not apply to transfers between the client’s own accounts in the same bank and to transfers of legal entities. Transactions using IBAN details are not limited.
