Regulatory Alerts2018-04-18
Ordinance No 3 of the BNB on the Terms and Procedure for Opening Payment Accounts, Executing Payment Transactions and Using Payment Instruments
The Bulgarian National Bank issued Ordinance No 3 to regulate the opening and maintenance of payment accounts, the execution of payment transactions, and the use of payment instruments. The ordinance establishes detailed requirements for due diligence, account identification via IBAN, and the documentation necessary for both natural persons and legal entities to open accounts. It further defines the procedures for executing payment orders, handling corrective transfers for defective transactions, and outlines the liability of payment service providers for non-executed or incorrectly processed payments.
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