The Government of Ukraine has approved the bill, which provides for the creation of a centralized register of bank accounts and safes of individuals. The initiative is part of Ukraine's obligations in the framework of adaptation of legislation to the EU requirements and preparation for joining the SEPA payment system - a single payment zone in the euro.
The new register will collect basic information about the accounts and safes of Ukrainians: the date of opening and closing, IBAN, the owner name, data on the financial institution, as well as concluded contracts for the rent of bank safes. However, according to the Ministry of Finance, the register will not include information on account balances, money movement or safes.
Who and what will know
Banks, non -banking institutions and electronic money issuers will be obliged to transfer information about accounts to the State Tax Service. It is the tax that will access the entire base of accounts and bank safes of citizens, which partly calls into question the concept of banking secrecy.
Law enforcement agencies and financial monitoring will also have access to information - but exclusively within the law and regulated.
Possible consequences
Lawyers say that the register will allow tax to detect undeclared accounts, including foreign ones. This may be the basis for checking sources of income or taxation in the field of taxation, in particular for natural persons-entrepreneurs who run business through personal accounts.
Experts also warn of another threat - the loss of trust in the banking system. According to Razumkov Center, 62% of Ukrainians do not trust state institutions in protecting personal data. Against this background, the Association of Ukrainian Banks warns that some citizens may start using cash or cryptocurrency more often.
They soothe, but watch
Despite the fears, lawyers emphasize that the register does not contain critical information, such as the amount in accounts, and is rather a technical step than a tool for full control. Similar systems are already operating in many EU countries, where they are part of standard financial monitoring tools.
The bill provides other changes: the launch of the Register of Beneficial Trust Owners, improving data verification, imposing sanctions for violations in the field of financial monitoring and protecting.
