Ukraine is approaching SEPA: the Rada supported the draft laws on European payments and the register of bank accounts

The Verkhovna Rada of Ukraine has adopted in the first reading two bills necessary for the country to join the Single Euro Payments Area (SEPA). The legislative changes provide for the creation of a register of bank accounts and safe deposit boxes of individuals, as well as improving financial monitoring mechanisms. In the future, this may make transfers between Ukraine and European countries faster and cheaper.

What will change after Ukraine joins SEPA

SEPA (Single Euro Payments Area) is the Single Euro Payments Area, which allows for cashless transfers between participating countries according to unified rules.

Ukraine’s accession to this system should simplify financial transactions with European countries.

In particular, the following benefits are expected:

reducing the cost of international transfers in euros;
simplifying payments between Ukrainian and European accounts;
accelerating the processing of cross-border transfers;
creating more convenient conditions for citizens and entrepreneurs who make settlements with European partners.

Unlike SWIFT, which provides global exchange of financial messages between banks for transactions in different currencies, SEPA is focused specifically on payments in euros within a specific European zone.

In Ukraine, plans to create a register of bank accounts and safes

The first draft law — No. 14327-d — ​​provides for the creation of a Register of accounts and individual bank safes of individuals.

According to the proposed changes, the register will contain information on:

opening and closing bank accounts;
electronic wallets;
agreements for the use of individual bank safes;
basic information about the owners of accounts and safes.

The creation of such a register is part of the adaptation of Ukrainian legislation to European requirements in the field of financial monitoring.

At the same time, the adoption of the draft law in the first reading does not mean that the relevant register has already started working.

The second bill concerns the protection of the rights of legal entities

The bill No. 15503 provides for amendments to the Civil Code of Ukraine.

The document is aimed at protecting the non-property rights of legal entities in cases of dissemination of inaccurate information about possible violations of the legislation in the field of financial monitoring.

In particular, it concerns situations when such information concerns the actions of authorized persons of companies.

The bill also establishes the right of reply for persons whose non-property rights have been violated as a result of the public disclosure of relevant information.

These changes should ensure proper legal protection in the field of financial transactions.

What legislative changes are still needed

In general, three draft laws must be adopted to bring Ukrainian legislation closer to the criteria of the European Payments Council.

Two of them — No. 14327-d and No. 15503 — have already passed the first reading.

The third document, No. 15501, provides for amendments to the Code of Ukraine on Administrative Offenses and the Criminal Code of Ukraine.

It is currently being processed by the relevant committee of the Verkhovna Rada.

In addition, the adoption of relevant legislative amendments is one of the conditions for Ukraine to receive external financial assistance under certain international programs.

When will Ukrainians be able to use SEPA

At present, a specific date for Ukraine’s accession to the Single Euro Payments Area has not been announced.

To do this, it is necessary to complete legislative procedures, bring Ukrainian regulation into line with the established requirements, and go through the procedure for joining SEPA.

Important: the adoption of draft laws in the first reading does not mean Ukraine’s automatic connection to the European payment system. The documents still need to undergo further parliamentary consideration.

If this process is successfully completed, Ukrainians and businesses will be able to access more convenient mechanisms for transferring funds in euros between Ukraine and SEPA member countries.