Ukraine central bank says intends to protect rights of payment card users

The National Bank of Ukraine (NBU) intends to strengthen protection of the rights of payment card users and intends to establish additional requirements in cases of appealing by the clients of money transfers that they did not conduct, the NBU reported on its website.

In particular, the bank, after receiving the relevant notice from the user, must restore the balance of funds on his account no later than the next working day (except for the cases when the bank has reason to consider the user’s actions illegal, as reported to law enforcement agencies).

At the same time, the user must bear all losses related to remittances that are appealed if the bank proves that the user’s actions led to the loss, the illegal use of PIN or other information, allowing to initiate payment transactions.

The bank has the right not to return to the user the amount of funds in the amount of 20 non-taxable minimum incomes of citizens (now about Hr 350) if the transfer was made with the misuse of the lost card or its details, and the user informed the bank about it only after the funds had been transferred.

The corresponding changes are contained in the draft resolution of the NBU board on amendments to certain regulatory acts of the National Bank of Ukraine, which is posted on the website of the central bank for public discussion. In particular, it is proposed to make changes to the regulation of the procedure for issuing electronic payment instruments and conducting transactions using them, approved by NBU board resolution No. 705 of Nov. 5, 2014.

The NBU will accept comments on the draft resolution until June 17.

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