Ukraine is preparing to join the Single Euro Payments Area (SEPA), which will allow citizens and businesses to make transfers between 36 participating countries quickly and without additional fees. About this reported in the Ministry of Finance.
The government has already approved a package of draft laws aimed at fulfilling the requirements of the European Union for joining SEPA (Single Euro Payments Area). The documents aim to harmonize Ukrainian legislation in the field of money laundering and terrorist financing prevention in accordance with EU norms.
It is planned to create a Register of accounts and bank safes of individuals, administered by the DPS. It will contain information about bank accounts, securities accounts, electronic wallets, their owners, as well as institutions where these accounts are opened.
After joining SEPA, individuals and businesses from Ukraine will be able to make payments in euros with minimal costs: through online banking it will cost 0-1 EUR, in a branch – 3-5 EUR, and receiving a transfer will be free. The term of execution of a regular transfer will be up to one day, and an instant transfer will take up to 10 seconds.
We will remind that in 2024, Ukraine officially started the process of joining SEPA. The National Bank has set its goal to bring Ukrainian financial regulation and supervision in line with European Union norms through the implementation of relevant legislation. The regulator also intends to maintain high rates of modernization of banking legislation. Currently, among the priorities is the improvement of the requirements for the structure of bank capital, which should increase the reliability of the country’s financial system.
