Regulatory Alerts2016-09-29
Ordinance No 12 of the BNB on the Register of Bank Accounts and Safe Deposit Boxes
The Bulgarian National Bank established an electronic Register to centralize information on bank accounts and safe deposit boxes held by financial institutions operating in Bulgaria. Banks, payment institutions, and electronic money institutions are required to submit detailed data on account holders, beneficial owners, and preservation orders within strict weekly time limits. The Ordinance defines access rights for regulatory bodies and individuals, while imposing liability on institutions for data accuracy and outlining sanctions for non-compliance.
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