Regulatory Alerts2023-01-01
Law on Comparability of Fees Related to Consumer Payment Accounts, Payment Accounts Switching and Payment Account with Basic Features
The Central Bank of Montenegro enacted this law to ensure transparency and comparability of fees for consumer payment accounts and to facilitate account switching. Payment service providers are required to publish standardized fee information documents, maintain a glossary of services, and submit data to a Central Bank comparison website. The legislation mandates a streamlined switching process where providers must transfer funds, standing orders, and direct debit information within strict timelines while prohibiting discrimination in account access.
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