The authorities are preparing a new mechanism for financial monitoring and control over bank accounts

The authorities are preparing a new mechanism for financial monitoring and control over bank accounts

The Ukrainian authorities are actively working on a document that will change the procedure for tax authorities to obtain data on the movement of funds in bank accounts.

For now, the exact format and details of this procedure remain unknown, but the banking community is confident that the document will swiftly pass through the Verkhovna Rada and be signed by the president.

It is assumed that the measures are aimed at tightening control over the funds of citizens and businesses to increase revenues to the state budget, a significant part of which is formed through international assistance.

A representative of one of the systemic banks noted that financial monitoring is already being strengthened. Starting February 1, 2025, a limit on payments of 50–150 thousand UAH per month will take effect, which has already been supported by 27 banks and two financial companies. By 2025, all large banks are expected to sign this memorandum despite their resistance. It is expected that the tax service will gain access to information about the movement of funds in bank accounts, which will lead to enhanced control and the need to explain the origin of funds in detail.

Currently, banks provide tax authorities with information about clients in two cases.

1. Automatically — when opening or closing accounts of legal entities and individual entrepreneurs. Moreover, the reporting covers not only business accounts but also accounts opened by an individual entrepreneur as a private person.
2. Upon tax request — only with a court order. Without a court decision, banks do not disclose client data.

For individuals who are not entrepreneurs, such automatic reports are not yet provided.