Ukraine’s National Bank is finalizing a law to align with European banking standards, focusing on areas such as access to professional secrecy and confidentiality. This initiative, backed by the European Bank for Reconstruction and Development, marks a significant step in integrating the Ukrainian financial system with global standards. First Deputy Governor Serhiy Nikolaychuk highlighted the importance of meeting international regulatory benchmarks to enhance transparency and trust in the country’s financial sector.
The draft law, which has been under development with technical assistance from EBRD, aims to ensure that Ukrainian financial institutions can operate under the same stringent rules as their European counterparts. This move is expected to facilitate smoother cross-border financial services and improve the overall stability of Ukraine’s banking system. By securing equivalence status, Ukraine could also open new avenues for foreign investment and collaboration with European financial institutions.