☠️Ukraine🇺🇦: The Rada expanded the powers of the National Bank of Ukraine to combat “drops”

☠️Ukraine🇺🇦: The Rada expanded the powers of the National Bank of Ukraine to combat “drops”

The National Police will now have partial access to citizens’ account data. It’s worth noting that there are already restrictions on card-to-card transfers, and now financial institutions are under increased scrutiny.

🔠 The National Bank of Ukraine (NBU) has been granted the authority to establish requirements for the sufficiency, components, and calculation of the regulatory capital of non-bank payment service providers.

🔠 The new law also introduces remote inspections and increases fines for organizations that do not comply with payment market standards.

🔠 Context: since last fall, the National Bank began noticing an anomalous growth in P2P transfer volumes within the system, as well as an increase in the number of cards from which these transfers were made, and the average transaction value in certain issuing banks. The regulator estimates that the volume of drop activity in Ukraine is 200 billion hryvnias (4 850 140 000 USD) per year.

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