Regulatory Alerts2016-08-18
Ordinance No 13 of the Bulgarian National Bank on the Application of International Bank Account Numbers and BAE Codes
The Bulgarian National Bank issued Ordinance No 13 to mandate the use of International Bank Account Numbers and BAE Codes by licensed payment service providers operating in Bulgaria. The regulation defines the 22-character structure of Bulgarian IBANs, assigns BAE codes to financial institutions, and establishes strict protocols for generating, validating, and communicating these identifiers to customers. It further requires payment service providers to verify IBAN check digits during transactions and ensures compliance with EU cross-border invoicing standards.
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