The Ministry of Finance Updated Financial Reporting for CRS 2.0: What Will Change for Banks and Clients from July 1

The financial system is rapidly changing with the emergence of new digital tools, and international rules for exchanging account information also require updating. Ukraine is updating its approaches to financial reporting, adapting them to modern realities and global transparency standards. Thus, the Ministry of Finance has updated the Procedure for Applying the Common Reporting Standard and Due Diligence on Financial Account Information (CRS). The changes take into account the development of the modern financial system, including the spread of electronic money, central bank digital currencies, and financial instruments related to virtual assets.

The relevant innovations were approved by the Ministry of Finance order dated June 15, 2026, No. 316. The updated procedure will take effect from July 1, 2026.

The changes were developed to implement the updated version of CRS 2.0, approved by the Organisation for Economic Co-operation and Development (OECD) in 2023. The goal is to detect hidden income abroad, combat tax evasion, and increase the level of financial transparency.

What the Updated Standard Provides

The update is another step by Ukraine in fulfilling international obligations regarding the automatic exchange of tax information and aligning with the European Union’s approaches, particularly the provisions of Directive DAC 8 concerning CRS.

The scope of the standard has been expanded and the rules for verification and reporting for financial institutions improved. In particular:

• definitions of key terms regarding financial institutions, accounts, reportable persons, and account holders have been updated;
• new concepts for digital financial products, including electronic money and central bank digital currencies, have been introduced;
• CRS coverage has been extended to accounts related to such products;
• the list of information to be collected and reported has been updated;
• due diligence procedures have been enhanced;
• cases when self-certification data may be considered unreliable have been clarified.

Why CRS Is Being Updated Worldwide

CRS is an international system for the automatic exchange of information about financial accounts. Its effectiveness depends on how consistently participating countries update their legislation in accordance with OECD decisions.

The implementation of CRS 2.0 allows for the inclusion of new digital financial products, ensures the completeness and quality of data exchanged by tax authorities, and unifies rules for all jurisdictions.

Significance for Ukraine

The implementation of the updated standard confirms Ukraine’s synchronization with countries that have already transitioned or are transitioning to CRS 2.0 and strengthens integration into the global tax transparency system.

For financial institutions, the updated rules mean clearer requirements regarding account classification, data collection, self-certification, and reporting, as well as reduced compliance risks.

For businesses, it provides greater legal certainty, reduces the risk of differing interpretations of norms, and improves compatibility with international financial institutions.

For citizens, CRS 2.0 does not introduce new taxes or declaration obligations. It only updates mechanisms for exchanging information between financial institutions and tax authorities of different countries. At the same time, Ukraine will receive more complete data on the financial accounts of its tax residents abroad.

Expected Results

The CRS Procedure update will allow:

• strengthening international tax transparency;
• improving the quality of automatic exchange of financial information;
• ensuring Ukraine’s fulfillment of international obligations;
• aligning legislation with EU standards, particularly DAC 8 (regarding CRS);
• creating more predictable rules for the financial sector;
• confirming Ukraine’s readiness to implement modern international standards in tax administration.

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