What the draft proposes
| Measure | Why it matters |
|---|---|
| Join the Single Euro Payments Area (SEPA) | Euro transfers to/from 36 member states within seconds, no hidden fees, single IBAN format. |
| Create a central register of accounts & safes | NBU, banks and fintechs must file real-time data on openings/closures to the State Tax Service. |
| Extend reporting to e-money wallets | Covers Revolut-style apps and prepaid cards, closing a loophole. |
Upsides for business & consumers
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Friction-free euro trade – exporters/importers can settle in EUR without correspondent fees or multi-country accounts.
-
Uniform KYC/AML standards – brings Ukraine a step closer to EU financial directives and eventual accession.
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24/7 payments infrastructure – dovetails with the NBU’s instant-payment project and digital hryvnia pilots.
Data-privacy trade-offs
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Banking secrecy diluted – the tax authority will see every account event; critics warn of potential over-reach.
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Broad coverage – requirement spans commercial banks, non-bank financial institutions and even safe-deposit agreements.
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Compliance pressure – institutions face new reporting pipelines; penalties for gaps already average ≈ UAH 400k–1.7 m.
What’s next
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Parliamentary vote – passage expected this autumn; law must be in place before Kyiv can file its formal SEPA application.
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IT build-out – NBU to link its clearing system to TARGET Instant Payment Settlement (TIPS).
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Public consultation – Finance Ministry pledges safeguards on data access and fines for leaks.
