The Banking System and Secrecy Under Attack: SEPA, NABU, ESB, the Tax Service — and Even Safe Deposit Boxes…

💸 The End of Bank Secrecy: How “Transparency” Became a Tool for Control

We’re being told again about EU integration, transparency, modernization. But while some applaud — I read the next draft law carefully. Behind the polished language is another blow to Ukraine’s economy.

The bill aims to integrate Ukraine into the Single Euro Payments Area (SEPA). On the surface — progress. In reality — deeper financial surveillance.

📜 What does the law propose?

• Banks, financial institutions, and e-money issuers must report every opened or closed account;
• Report conclusion or termination of safe deposit box contracts;
• Data will go to the tax office — and then to: NABU, ARMA, ESB, NACP, State Enforcement Service, private bailiffs, and the Financial Monitoring Service;
• Penalty for non-compliance: UAH 680 per case;
• Information will be stored for at least 5 years — even after the account is closed.

🤔 What about account balances and transactions?

Formally — no. But with full access to account registries, banks, notaries, enforcement, and finmonitoring — detailed analysis is only a matter of time.

💡 Key question: why do we open up, but Europe doesn’t?

This is yet another case where Ukraine is told to open markets, systems, and data — while not getting equal treatment. Like Adam Smith’s “invisible hand” — open systems benefit those who already control the game. For smaller economies, “openness” means defeat.

🛑 Bank secrecy is not a crime. It is the foundation of trust.

In Switzerland, Liechtenstein, Austria, and Luxembourg — bank secrecy was for decades a magnet for capital. Even now, data disclosure happens only by court order and in rare cases.

In Ukraine, however:

• Full registry of safes and accounts;
• Fines for non-disclosure;
• Access for more than 10 agencies — even private enforcement agents.

That’s not transparency — it’s total fiscal control.

💸 What’s next?

1. Capital will flee — not out of tax evasion, but fear;
2. Trust in banks will drop — people will move to cash, crypto, Polish safes;
3. SMEs and entrepreneurs will be pressured — data is a weapon;
4. Oligarchs will remain untouched — they’re not in registries. They’re in London, Vienna, Dubai.

💬 Transparency is great — but only if it’s mutual

Right now it’s: “You open up — we’ll decide what to take.”
We support honest markets — but not weaponized compliance against business.

⚖ As a lawyer, I must say:

This bill is a clear move toward financial centralization, loss of privacy, and rising conflict between the state and business. Soon it will impact anyone with a bank account — even salary cards.

Today, you must:

• Know how to protect your assets;
• Assess risks before opening accounts;
• Build capital strategies for new realities;
• Work with lawyers who see through the PR.

Respectfully, Managing Partner of WINNER Law Firm, PhD in Law, Attorney Ihor Yasko