On December 10, Ukraine’s leading issuing banks, under the coordination of the banking associations NABU and AUB, signed a Memorandum to ensure the transparency of the payment services market.<\/p>\n
Four member banks of the European Business Association \u2014 PrivatBank, Oschadbank, Raiffeisen Bank, and Universal Bank \u2014 were among the first to join the Memorandum. Several other market players, including OTP Bank and PUMB, also expressed their intention to join. The agreement remains open for signing by all banks in Ukraine and payment service providers.<\/p>\n
Key Provisions of the Memorandum:<\/strong><\/p>\n The signatories have agreed to adopt unified market practices and approaches when serving individuals without confirmed income and newly registered sole proprietors (FOPs). The main provisions include:<\/p>\n Why Is This Important?<\/strong><\/p>\n The Memorandum aims to combat illicit financial transactions and reduce the shadow economy. A critical aspect of the document is addressing the misuse of \u201cdrops\u201d\u2014clients who provide personal banking data or grant access to online banking in exchange for compensation. Such schemes are exploited by the aggressor country to finance terrorist and sabotage activities.<\/p>\n The goal of the Memorandum is to prevent any criminal abuse of banking infrastructure. This initiative is also an essential step toward aligning Ukrainian legislation with EU standards.<\/p>\n For law-abiding businesses, initiatives like this are vital as they promote fair competition and proactively counteract security threats and risks.<\/p>\n The European Business Association remains committed to supporting initiatives aimed at combating the shadow economy and fostering a transparent payment services market in Ukraine.<\/p>\n\n