Ukraine’s Verkhovna Rada has approved in first reading a bill required for the country’s accession to the Single Euro Payments Area.
The parliament adopted the draft law in principle on 10 November 2026. Its stated aim is to bring Ukrainian legislation in line with European requirements on preventing money laundering and terrorist financing, which is one of the conditions for joining SEPA. The bill must still pass a second reading, and Ukraine must meet the remaining accession requirements before euro transfers under SEPA rules can begin.
What SEPA membership would mean
SEPA is a unified euro payments area of 41 countries, and it includes all EU member states as well as the UK, Switzerland, and Norway. Banks in participating countries process euro transfers under uniform standards, with payments typically received within one business day and processing fees that are minimal or nil.
For Ukraine, accession is expected to simplify euro transfers with countries in the payments area and could reduce fees on international transactions. Payments would also be processed according to common European standards. The change is likely to be most noticeable for Ukrainians living in Europe who regularly send money to relatives in Ukraine, and for businesses that settle accounts with European clients and partners, pay invoices, and receive payments.
A national register of accounts
The central element of the bill is the creation of a Registry of Accounts and Individual Bank Safe Deposit Boxes for Individuals. It will record the opening and closing of bank accounts and e-wallets, contracts for the use of safe deposit boxes, and basic details of account holders. In addition, the National Bank of Ukraine, banks, non-bank financial institutions, payment services, and electronic money issuers will be required to submit data to it.
The registry’s scope is limited. It will not hold information on fund movements, account balances, or the contents of safe deposit boxes, recording only that an account was opened or a box was used. The bill also specifies that the registry will not lead to restrictions or delays in individuals’ financial transactions.
The Ministry of Finance of Ukraine will administer the database, with access granted to designated government agencies as part of financial monitoring procedures. According to a deputy chair of the relevant parliamentary committee, the Economic Security Bureau, the Asset Tracing and Management Agency, and the National Agency for the Prevention of Corruption will have direct access. Not all law enforcement bodies will be included, and the official stated that the designated group of users meets the minimum requirements of European directives.
Wider AML and beneficial ownership changes
Beyond the account registry, the bill provides for a separate registry of ultimate beneficial owners of trusts, an expanded list of entities subject to primary financial monitoring, and stricter penalties for submitting false information on the ultimate beneficial owners of businesses. For banks, non-bank financial institutions, payment services, and e-money issuers, the legislation therefore brings new reporting duties as part of the accession process.
First-reading approval is one stage of a longer process. After a second reading, Ukraine will still need to fulfil all requirements for joining the payments area, and no launch date has been set for SEPA transfers between Ukraine and participating countries. For now, the focus remains on aligning domestic legislation with the European standards required for integration into the Single Euro Payments Area.
