Ukraine creates a register of accounts to join SEPA: what will change for citizens

20 June 21:26

Ukraine is approaching integration into SEPA (Single Euro Payments Area) and is preparing to create a state register of bank accounts and safe deposit boxes for individuals. What does this mean for Ukrainians and what changes can be expected in the near future, "Komersant Ukrainian" analyzed.

Integration into SEPA is envisaged by packages of bills No. 13233 and No. 13238. The Cabinet of Ministers approved them in early spring 2025. Both documents are aimed at adapting our financial legislation to EU standards.

SEPA is a payment system that operates in 36 countries: all EU countries, Iceland, Norway, Switzerland, the UK, etc. It allows making international transfers in euros as easily as within the same country. Ukraine will be able to join without introducing the euro into the national currency circulation, as Poland and Sweden have done.

What does the package of documents include and how will the register work?

Collection of data on accounts and safe deposit boxes of individuals. The register will include

date of opening/closing of the account (bank, valuables, e-wallets)
type of account, IBAN number;
Full name of the owner;
specifics of the bank or institution;
date and number of the individual safe deposit box agreement, validity period, persons with access.

Attention to financial security. The draft laws clearly define that the newly created register will not include information on cash flows, account balances, or safe deposit box contents.
The State Tax Service (STS) will act as the administrator. It will receive data from banks, the NBU and other financial institutions.
Restriction of access to data. Ordinary citizens will not be able to view this data. Only official controlling authorities will have access, and only upon request.

How joining SEPA will change the lives of Ukrainians

The following services will become available to ordinary citizens:

Instant transfers in euros. Payments in euros will be made in seconds or minutes, instead of days, as it is now.
Zero commission. The current fees of 0.7-1.5% will be replaced by zero.
Transfer of funds directly, without opening foreign accounts.
Transparent conditions for business. International transactions and settlements will be much easier without additional intermediary banks.

What’s next: challenges and legalization

The registry is tentatively scheduled to be launched by July 1, 2027, as a commitment under the Ukraine Facility program and in accordance with EU directives.

However, MPs are already criticizing the reform because the draft laws simultaneously change a dozen laws and codes, including the Code of Administrative Offenses and the Criminal Code. Therefore, the next step is to amend or register a new draft.

However, the Cabinet of Ministers is convinced that the creation of a single register is a key step towards Ukraine’s full accession to the SEPA single euro area. This will improve conditions for a wide range of people and businesses, and make the financial system more transparent and secure.

It should be noted that in case of Ukraine’s accession to the Single Euro Payments Area, we are also talking about modifications: it is planned to create not only a register of accounts and safe deposit boxes, but also