The NBU Will Introduce New Rules for Monitoring Payment Transactions: What They Entail
18 July 20:04
The NBU plans to strengthen oversight of payment transactions—the regulator is introducing uniform, standardized approaches to the monitoring of payment transactions as part of payment service providers’ operational risk management. This is stated in a notice on the National Bank of Ukraine’s website, as reported by "Komersant Ukrainian".
The regulator has published for public comment a draft resolution on certain issues regarding payment service providers’ control over payment transactions.
The draft outlines control measures within the framework of payment transaction monitoring and allows payment service providers to independently implement their own rules for monitoring payment transactions.
In particular, the draft provides for:
- principles for monitoring payment transactions;
- requirements for the organization of such control by payment service providers;
- control measures within the framework of payment monitoring;
- the ability to engage third parties in certain processes or tasks;
- the ability to independently implement rules for monitoring payment transactions;
- the National Bank’s assessment of the effectiveness of control measures;
- a list of measures to prevent miscoding;
- a list of indicators of atypical user behavior.
Banks will have greater authority to stop payments, require additional customer verification, set transaction limits, block cards, and close accounts.
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Suspicious activities to which financial institutions must respond include the mass opening of accounts, an abnormal frequency of transfers, rapid transit of funds, frequent changes in phone numbers or devices, and so on.
Service providers will be required to analyze user activity profiles and flag any deviations from them. Each transaction will be assigned a risk score: low (automatic processing), medium (may be paused for verification), or high (automatic suspension pending further investigation).
These measures constitute a separate control tool and do not supersede the requirements of traditional financial monitoring.
“The adoption of the draft act will contribute to the improvement and standardization of payment service providers’ approaches to implementing controls over payment transactions,” the NBU notes.
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