Ukraine may miss the opportunity to join the Single Euro Payments Area (SEPA) under the current rules due to delays in adopting financial monitoring legislation. The key bill has yet to pass its first reading in the Verkhovna Rada, and the new European Union requirements will come into force in 2027.

The Kyiv Independent reported on November 9, citing MP Olha Vasylevska-Smahliuk, one of the authors of bill No. 14327-d here.

According to the MP, joining SEPA would allow Ukrainian citizens and businesses to save about UAH 10 billion annually on bank commissions and transfer fees. However, realizing this possibility depends on the approval of legislative changes.

Bill No. 14327-d is scheduled to be considered for the first reading on November 10. At the same time, on Tuesday morning, a meeting of the parliamentary committee on finance, tax, and customs policy is also scheduled, and it should reconsider its decision from April 6 on the document.

As stated in the committee's published agenda, the meeting will begin at 8:30.

Disputes arose over access to banking data

The main obstacle to the law's adoption remains the issue of state agencies' access to information about citizens' bank accounts.

The bill provides for the creation of a centralized registry that would make it possible to determine in which banks individuals have accounts or safe deposit boxes.

The registry would not contain information about balances, transaction history, or the contents of safe deposit boxes. Its main function is to provide authorized agencies with data on account existence for financial investigations.

According to Vasylevska-Smahliuk, European Commission representatives insist on granting access to the registry to law enforcement agencies investigating financial crimes, organized crime, and corruption.

However, Ukrainian parliamentarians have not yet reached an agreement on the list of agencies that could use the system.

As a compromise, it is proposed to initially grant direct access to the Bureau of Economic Security, the National Agency for the Prevention of Corruption, and the Asset Recovery and Management Agency (ARMA).

The issue of access for other law enforcement agencies is expected to be additionally considered during preparation for the second reading.

Earlier, Finance Minister Serhii Marchenko explained that the creation of such a registry would reduce the number of requests that law enforcement agencies have to send to banks during investigations.

Ukraine may face stricter EU requirements

The situation is complicated by changes in European anti-money laundering legislation. The new EU rules are scheduled to take effect from July 10, 2027.

According to Vasylevska-Smahliuk, if Ukraine fails to meet the current conditions, the process of joining SEPA may become significantly more difficult.

"If we do not meet the current deadline, we may miss the opportunity to join SEPA under the current rules," the MP warned.

She noted that meeting future requirements will demand more extensive legislative and institutional changes that Ukraine is unlikely to implement in a short time.

In its report published on November 4, the European Commission also emphasized the need for further alignment of Ukrainian legislation in the field of anti-money laundering and counter-terrorist financing with EU norms to progress toward SEPA.

Vasylevska-Smahliuk suggests that if the bill is approved in the first reading on November 10, parliament could return to it in mid-December. This would require reducing the amendment submission deadline.

Under the most favorable scenario, the law could be adopted by the end of 2026. This would allow the National Bank of Ukraine to apply for SEPA membership to the European Payments Council.

However, the mere adoption of the law does not mean automatic connection to the system. It would still be necessary to fulfill the remaining criteria and go through the established application review procedure.

Joining SEPA will reduce transfer costs

SEPA is a single euro payments area that brings together 41 countries and territories. It allows for standardized bank transfers between participants under rules close to domestic payments.

For Ukraine, joining the system means the possibility of faster and cheaper euro transfers. This would primarily affect Ukrainians who work or live in EU countries and regularly send money to relatives.

Ukrainian entrepreneurs, exporters, and companies cooperating with European counterparts could also benefit. Streamlined settlements should reduce international payment expenses.

The Kyiv Independent cites Moldova as an example, which joined SEPA in October 2025. According to the Moldovan central bank, during the first ten months of membership, the country's citizens and companies saved about $14.7 million.

Thus, the future timeline of Ukraine's European payment integration will depend on parliament's ability to coordinate legislative changes and meet the European Commission's requirements.