Register of Bank Accounts and Safe Deposit Boxes

     Risks of Creating a Centralized Register of Ukrainian Accounts and Safes-Key Warnings

Finance Minister Serhii Marchenko has announced plans to establish a centralized register of bank accounts and individual safe deposit boxes belonging to private individuals in Ukraine. While this step is required for joining the Single Euro Payments Area (SEPA), it carries significant risks to financial security and personal privacy.

Main risks of the register:

• Violation of banking secrecy: Even if the register does not include account balances or transaction history, the centralization of such information increases the risk of data leaks or unauthorized access.
• Potential for abuse: Law enforcement and financial authorities will have access, which could result in excessive control, unjustified inspections, and potential misuse of power.
• Insufficient personal data protection: With rising cyber threats, limited access alone does not guarantee full security of your financial information.

Why it matters for businesses and individuals:
This register poses particular risks for high-net-worth individuals and entrepreneurs. Increased transparency may trigger additional audits, account freezes, and restrictions — negatively impacting financial stability and business operations.

Recommendations from WINNER Law Firm:

• Seek legal advice for a comprehensive risk assessment and protection of your rights.
• Conduct a financial audit and prepare for potential inspections or account freezes.
• Monitor legal changes and implement stronger data protection measures.

Conclusion:
Establishing a centralized register of accounts and safes is not just a move toward EU integration — it is also a serious challenge to the security, privacy, and financial stability of citizens and businesses. It is essential to act cautiously and enlist the support of experienced legal professionals like the WINNER team to minimize risks and safeguard your interests.

👉 A link to a video lecture by Maksym Bahniuk, Head of Tax and Customs Practice, on how to act during inspections, is available below.