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2018-05-28 13:15:09.0

Regulations Allow Corporates to Submit Electronic Documents When Opening Bank Accounts

In reference to occasional media writings about banks insisting that business entities opening an account submit their registration decisions in hardcopy, certified by the registrar’s stamp, we wish to underscore that according to the current regulations the necessary documents may also be submitted electronically.

It is upon banks to use the options offered by NBS regulations and facilitate the account opening procedure for legal persons and entrepreneurs, in the interest of their clients and their own market competitiveness.

Under the Decision on Detailed Conditions and Manner of Opening, Maintaining and Closing Current Accounts, in force since 2015, legal persons and entrepreneurs are not required to submit the decision on entry in the register if in the precontractual stage the bank informed them that such data will be taken over electronically from the organisation in charge of maintaining the register of business entities. In addition, legal persons and entrepreneurs submitting the decision on entry in the register need not submit it in hardcopy, but may do it in electronic form instead.

In accordance with the Law on the Prevention of Money Laundering and the Financing of Terrorism, the necessary data may also be obtained from other relevant document of the Business Registers Agency (either in hardcopy or electronically) that a client submits to a bank, and through direct insight into the business entities register kept by the Agency on its website.

With its regulations the NBS aims to support and encourage the use of cutting-edge technologies for services offered by financial institutions, notably bearing in mind the needs of financial service consumers and the 21st-century requirements for services to be provided in a quality, as simple as possible, faster and more efficient way.

In view of the above, we wish to emphasise once again – when it comes to regulations under the NBS remit, there are no impediments for banks to take over data from the organisation in charge of maintaining the register of business entities in electronic form, through a direct enquiry with the Business Registers Agency, or (in accordance with the Law on the Prevention of Money Laundering and the Financing of Terrorism) through direct insight into the business entities register kept by the Agency on its website.

Governor`s Office