CRS 2.0: Ukraine introduces new reporting rules for financial accounts

Press service of the State Tax Service of Ukraine, published 30 June 2026 at 12:20 Chapter: News

The updated requirements of the international standard for automatic exchange of financial account information CRS 2.0 comes into effect in Ukraine from July 1, 2026. Relevant changes were approved by Order of the Ministry of Finance of Ukraine № 316 as of 15.06.2026.    https://tax.gov.ua/data/files/687542.pdf

The main goal of the update is to adapt financial reporting system to new digital realities and expand coverage of modern financial instruments, in particular electronic money and virtual assets.

Among the key innovations:

- application scope of the CRS has been expanded to include accounts related to certain electronic money products and central bank digital currencies;

- new terms have been introduced: “Specified Electronic Money Product”, “Central Bank Digital Currency”, “Fiat Currency”, “Virtual Asset”, “Eligible Virtual Asset”, “Reportable Virtual Asset Service Provider”, “Exchange Transaction”;

- updated definitions of the following terms: “Depository Institution”, “Investment Company”, “Custodial Institution”, “Financial Asset”, “Non-Reportable Financial Institution”, “Broad Participation Pension Fund”, “Deposit Account”, “Existing Account”, “Custodial Account”, “New Account”, “High Value Account”, “Low Value Account”, “Excluded Account”, “Reportable Person”, “Account Holder”, “Passive Income”;

- list and requirements for information that financial institutions must collect, verify, and reflect in reporting have been updated;

- improved due diligence procedures, in particular regarding application of additional verification measures in the absence of a valid self-certification, specifics of working with accounts of persons with multiple tax residence, analysis of the ownership structure, as well as taking into account the risks associated with citizenship or residency by investment programs (CBI/RBI);

- identified additional circumstances under which Reporting Financial Institution may further consider a self-certification or documentary evidence to be inaccurate or unreliable, and established appropriate requirements for further actions of the financial institution.

Information about the deadlines for completing a due diligence audit of financial accounts can be found at the following link: https://tax.gov.ua/baneryi/crs/povidomlennya/1025757.html

Update was made according to changes adopted by the Organization for Economic Cooperation and Development (OECD) within modernization framework of the international CRS standard. Countries participating in the Multilateral Agreement are obliged to implement such changes in national legislation.

Also, in connection with implementation of the CRS 2.0, preparations are underway for changes to the reporting procedure. In particular, the XML schema of the CRS report is planned to be added with new fields to reflect information on new categories of financial products.

To assist financial institutions in implementing new requirements, the State Tax Service, with the OECD support, will hold a special explanatory workshop. Experts, during the event, will discuss practical aspects of applying the updated due diligence procedures and new reporting requirements.

Financial institutions can send questions regarding implementation of the CRS 2.0 to crs.info@tax.gov.ua with the subject line “Questions regarding the CRS 2.0”. The most relevant questions are planned to be included in the workshop program.

Reference.

CRS (Common Reporting Standard) is international standard for the automatic exchange of financial account information, developed by the Organization for Economic Cooperation and Development (OECD) to increase transparency in the tax sphere and combat tax evasion.

Amendments to the Procedure for applying the general reporting standard and due diligence of financial account information were approved by Order of the Ministry of Finance of Ukraine № 316 as of 15.06.2026 "On approval of amendments to the Procedure for applying the general reporting standard and due diligence of financial account information", registered in the Ministry of Justice of Ukraine on 24.06.2026 under № 921/46315.

Order was developed to implement the updated version of the CRS 2.0, approved by the OECD in 2023. The updated rules and requirements of the CRS 2.0 are applicable to reporting financial institutions from July 1, 2026.