Opening a Bank Account for an International Technical Assistance (ITA) Project in Ukraine

Opening a bank account is one of the first steps after registering for an international technical assistance (ITA) project. The account is opened in the name of the project’s implementing entity and may be in local or foreign currency (UAH). Importantly, the bank sets up a dedicated account specifically for transactions within the registered ITA project, with its official status confirmed by the project registration card issued by the Secretariat of the Cabinet of Ministers of Ukraine.

While this process may seem straightforward, each bank applies internal procedures and document requirements. Therefore, the exact list of documents may vary. As a rule, banks conduct a preliminary review of the submitted documents and often request additional information to meet compliance and due diligence obligations.

A common challenge in this process is that banks are not always familiar with the legal specifics of ITA projects. In particular, implementing entities are frequently public international organizations that, due to their legal nature, do not have ultimate beneficial owners (UBOs) as defined by Ukrainian law.

This can lead to additional questions during account opening. To avoid refusals or delays, it is essential to provide a well-reasoned explanation confirming that the organization either holds public status or was established under an international treaty. It should also be clarified that the absence of UBOs is not an attempt to obscure ownership structure but a result of the organization’s legal form.

Depending on the bank’s internal policy, additional documentation may be requested – for example, founding acts, charters, incorporation resolutions, or explanatory letters from the organization’s head office. In such cases, a formal reply is often insufficient. Instead, it is essential to present a legally grounded explanation that considers the requirements of Ukrainian financial monitoring legislation.

We provide comprehensive assistance in opening bank accounts for ITA projects to support implementing organizations in this process. Our support includes preparing the document package, communicating with banks, and offering legal clarifications regarding the special status of the account holder and applicable regulatory norms. We also advise on payment structures, contract frameworks with counterparties, and proper wording in payment instructions – helping to prevent delays or unnecessary compliance queries.

If you plan to open a bank account for a new or existing ITA project in Ukraine, please feel free to reach out – we will be happy to assist.