Automatic exchange of financial information between countries has been introduced in Ukraine.

The Ukrainian parliament has supported a draft law that introduces two international standards for transparency and information exchange: the general standard for reporting and due diligence on financial account information and the Exchange of Information on Request (EOIR).

According to the Common Reporting Standard (CRS), financial institutions from participating countries are obliged to carry out due diligence on financial accounts to identify account holders who are tax residents of other partner jurisdictions.

Furthermore, financial institutions must submit information about such accounts to the competent authority of the participating country, which further delivers information about these accounts to the jurisdictions where the owners and controlling persons are residents.