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Укр New Financial Institutions Join the Memorandum on Transparency of the Payment Services Market: Results of the AUB Meeting on the Initiative to Combat Drop Schemes
On December 17, 2024, the Association of Ukrainian Banks (AUB) organized a meeting with the top management of leading banks and financial companies of Ukraine, during which the participants discussed joint steps to counteract criminal schemes known as “drop schemes”. Particular attention was paid to strengthening the monitoring of financial transactions, improving market transparency and preventing the illegal use of Ukraine's payment infrastructure.
The meeting, organized by the AUB, was a continuation of an initiative launched on December 10, when the National Bank of Ukraine, with the participation of the Association of Ukrainian Banks, the Independent Association of Banks of Ukraine, PrivatBank, Oschadbank, Raiffeisen Bank, and Universal Bank, signed a Memorandum on Ensuring Transparency of the Payment Services Market.
The participants emphasized the need for the banking sector to join forces to effectively combat financial crimes that undermine the stability of the economic system. It was noted that “drop schemes” pose significant risks to both financial institutions and state security, as they are often used for tax evasion and financing of terrorist activities.
During the meeting, the participants emphasized the importance of self-regulation of the banking sector, stressing that the Memorandum is an effective tool for establishing common standards of transparency and responsibility. The bankers noted that voluntary compliance with the agreed principles will help avoid excessive administrative regulation, ensure effective control over risky transactions, and strengthen customer confidence in the financial system. Self-regulation, as the participants emphasized, is an important step towards the stability and development of the Ukrainian banking sector.
Andriy Dubas President of the Association of Ukrainian Banks
“The banking community has initiated the development of unified approaches to counteract the use of payment infrastructure for illegal purposes. The signed Memorandum is the market's response to the challenges faced by the banking system and is aimed at minimizing abuses through drop schemes. We are convinced that the implementation of these measures will significantly reduce risks, ensure transparency, and increase confidence in the financial sector of Ukraine. Together, we will be able to effectively counteract shadow schemes and ensure the stability of the country's financial system,” said Andriy Dubas, President of the Association of Ukrainian Banks.
As part of the event, 23 more Ukrainian banks and 2 financial companies, which are also payment systems, joined the Memorandum on Ensuring Transparency of the Payment Services Market.
Among them:
- JSC “Ukreximbank”
- JSB “UKRGASBANK”
- JSC “KRYSTALBANK”
- JSC “CB ”GLOBUS”
- PJSC “MTB BANK”
- JSC “AB ”RADABANK”
- JSC “Idea Bank”
- JSC “ALTBANK”
- JSC “Bank Alliance”
- JSC “EPB”
- JSC “CLEARING HOUSE”
- JSC “Polikombank”
- JSC “BANK TRUST-CAPITAL”
- JSC “Ukrainian Bank for Reconstruction and Development”
- JSC “OKCI BANK”
- JSC “FIRST INVESTMENT BANK”
- JSC “AGROPROSPERIS BANK”
- NovaPay LLC (NovaPay)
- JSC “ProCredit Bank”
- JSC “Cominbank”
- JSC “Pravex Bank”
- LLC “FC ‘Evo’ (RozetkaPay)
- JSC “BANK ”UKRAINIAN CAPITAL”
- JSC “SENS BANK”
- JSC “SKY-BANK”
Rodion Morozov Acting Chairman of the Board of Ukrgasbank
“Ukrgasbank, as a large issuing bank, supported the initiative that the NBU has been signaling to the banking market for a long time. Together with other banks, we joined the Memorandum on limiting card transfers for individuals. We are grateful to the NBU for clear rules and the opportunity to exchange information between banks. Unified approaches and transparency are especially important in times of war,” said Rodion Morozov, Acting Chairman of the Board of Ukrgasbank.
The meeting participants agreed that the main task is to prevent the use of the payment infrastructure for drop schemes, as well as to strengthen communication with clients about the need to document sources of income. An important step is the development of a single centralized register of suspicious customers, which will allow banks and financial companies to exchange information and increase the effectiveness of financial monitoring. During the discussion, the participants emphasized the importance of cooperation between all market participants and support for the initiative of the National Bank of Ukraine to introduce unified standards for monitoring payment transactions.
Press service of the Association of Ukrainian Banks
