For the sake of European integration, the government wants to get data on your bank safes
29 April 17:06
The Cabinet of Ministers of Ukraine has approved a draft law that provides for the creation of a special register of bank accounts and individual safe deposit boxes for individuals. This provision was included in the draft law on joining the Single Euro Payments Area (SEPA), "Komersant Ukrainian" reports
The draft Law “On Amendments to Certain Laws of Ukraine on Ensuring Compliance with the Acts of the European Union” was developed by the Ministry of Finance in cooperation with the European Commission, the Cabinet of Ministers says.
According to the document, the new register, which will be administered by the State Tax Service, will contain data on accounts and safe deposit boxes and their owners:
- date of opening/closing a bank account, securities account, payment account, other account/e-wallet
- type and number of the account containing the IBAN number;
- Full name of the account holder, individual safe deposit box;
- information about the institution where the account or safe deposit box is opened;
- number and date of the agreement on the provision of an individual bank safe (date of commencement and validity, date of termination of the agreement, data on persons who have access to an individual bank safe under this agreement).
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The government assures that the register will not include information on the movement and balances of funds and the contents of safe deposit boxes. The Cabinet of Ministers claims that the adoption of such a law
“is a prerequisite for ensuring the submission of an official application for Ukraine’s accession to SEPA (Single Euro Payments Area).”
In addition to creating a register of bank accounts and safe deposit boxes, the draft law provides for:
- Introduction of the Register of Ultimate Beneficial Owners of Trusts.
- Improving the verification of information on the ultimate beneficial owners of legal entities.
- Introduction of new sanctions for violation of financial monitoring requirements.
- Creation of a mechanism to protect whistleblowers in the field of financial monitoring.
- Expanding the list of subjects of primary financial monitoring.
The government also claims that the adoption of the law will help fulfill the conditions for Ukraine’s EU membership and will positively influence the decisions of international partners regarding financial support for Ukraine.
The document was approved at a meeting of the Cabinet of Ministers, so now it will be submitted to the Verkhovna Rada.
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