Ukraine plans to create a centralized registry of all bank accounts and safe deposit boxes of citizens. This is one of the conditions for joining the European SEPA payment area. This was reported by the Ministry of Finance of Ukraine.
According to the draft law that the government submitted to the Verkhovna Rada, the State Tax Service will receive full access to information on opening and closing accounts, as well as data on renting bank safes. Providing this information will become mandatory for banks, financial companies and even issuers of electronic money. Violation is subject to a fine of UAH 680 for each untimely submitted record.
Minister of Finance Serhiy Marchenko said that the implementation of the registry is a key condition for joining SEPA and harmonizing the Ukrainian banking system with European standards.
At the same time, the tax service will not be the only body that will have access to the new registry. According to the project, the information will also be available to NABU, the Bureau of Economic Security, ARMA, NACP, the Financial Monitoring Service, state and private executors. In addition, in exceptional cases, access to the database will be provided by court decision.
Human rights activists are wary of the initiative. Lawyer Yuriy Radzievsky noted that in this way, banking secrecy actually loses its protection. According to the government’s plan, information about accounts will be stored for at least five years after their closure, with the possibility of extending this period for another five years.
