The Ukrainian government has approved a package of draft laws to join the Single Euro Payments Area (SEPA), a system used by more than 500 million people and businesses across 42 European countries.
Currently, Ukraine faces substantial fees and delays on international euro transfers, adding costs for businesses and consumers.
The new legislation brings Ukraine’s anti-money laundering and counter-terrorism financing rules in line with EU and Financial Action Task Force (FATF( standards, one of the key steps in the country’s euro-integration process.
The changes will allow Ukrainians and businesses to make euro transfers faster, cheaper, and under common SEPA rules, Ukraineʼs Ministry of Finance reported in a press release.
The government estimates annual savings of €70-100 million ($82-117 million) on international transfers. For 120,000 small and medium exporters, the savings could reach €4,000 ($4,690) per company each year.
The laws create a registry of personal bank accounts and private safes, managed by the Finance Ministry. It will include only IBAN, account holder name, and bank. Balances, transaction history, and account opening dates will not be included. Access is limited to authorized state agencies investigating serious crimes, the release says.
A separate registry of ultimate beneficial owners of trusts and similar entities will improve transparency of financial flows. According to the Ministry, the laws also tighten verification of company owners, expand oversight of financial operations, and provide additional protection for whistleblowers.
Once adopted by parliament, the reforms aim to cut banking fees, speed up cross-border payments, increase transparency, and reduce corruption risks.
SEPA membership will boost Ukraine’s access to EU financial support and support exports, including IT services, potentially adding up to 0.3% of GDP in the first year, the release says.
Kyiv is now advancing reforms to align with EU standards as it seeks deeper integration with the bloc, including steps toward full EU membership.