Regulatory Alerts2020-01-01
Decision Amending the Decision on the Structure and Conditions for Transaction Account Opening and Closing
The Council of the Central Bank of Montenegro issued this decision to amend regulations governing the opening and closing of transaction accounts by payment service providers. The amendment introduces Article 21a, which mandates the cancellation of accounts for payment service users that have ceased to exist as legal persons or are frozen, including the transfer of remaining funds to the provider's own account. Payment service providers are required to execute these cancellations within 30 days of receiving deregistration data from the Central Bank.
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