Decision on the structure, more detail conditions and manner of transaction account opening and cancelling

Unofficially consolidated translation
DECISION on the structure, more detail conditions and manner of transaction account opening and cancelling (OGM 48/14 of 13 November 2014, 24/16 of 08 April 2016, 14/17 of 03 March 2017, 80/20 of 04 August 2020)
I. BASIC PROVISIONS
Article 1
This Decision regulates the structure, more detail conditions and the manner of transaction account opening and closing for executing national and international payment transactions.
Article 2
A transaction account is a type of the payment account opened, in the name of one or more payment service users for executing payment transactions and for other purposes, by the following payment service providers:

1. banks and other credit institutions offering payment services;
2. a branch of a credit institution from a third country with the head office in Montenegro,
   and
3. the Central Bank of Montenegro (hereinafter: the Central Bank).
   Payment service providers referred to in paragraph 1 of this Article may open transaction accounts for payment service users for the execution of:
4. national payment transactions, and
5. international payment transactions.
   Payment service providers referred to in paragraph 1 of this Article may open transaction accounts for the execution of the national and international payment transactions to:
6. payment service users – residents, and
7. payment service users – non-residents.
   In accordance with the law governing foreign capital and current operations:
8. Residents are:

• Business organisations and other legal persons (hereinafter: legal persons) registered in
  Montenegro, with the exception of their representative branches outside Montenegro;

• Foreign company branches registered with the registry of the competent authority within
  Montenegro;

• Entrepreneurs – natural persons registered in or with residence in Montenegro, conducting
  an economic activity for its own account for the purpose of gaining profit, and also registered with the competent authority in Montenegro;

• Natural persons – citizens of Montenegro residing in Montenegro continuously for a year
  or longer;

• Natural persons – foreign citizens, who based on the residence permit or work visa, reside
  in Montenegro continuously for a year or longer;

• Diplomatic, consular and other representative offices of Montenegro in foreign countries,
  employees in these representative offices, and the members of their families who are not citizens of foreign countries.

2. Non-residents are the persons not defined as residents
   II. STRUCTURE OF THE TRANSACTION ACCOUNT FOR EXECUTING NATIONAL
   AND INTERNATIONAL PAYMENT TRANSACTIONS

1. Structure of the transaction account for executing national payment transactions
   Article 3
   Payment service providers referred to in Article 2 paragraph 1 of this Decision shall open the transaction account for executing the national payment transactions according to the BBAN structure (Basic Bank Account Number), the numeric structure which contains total of 18 numeric characters. Arabic numerals shall be used as numeric characters. Numeric character of the transaction account consists of three following parts:

1. Fixed number of the payment service provider under Article 2 paragraph 1 of this
   Decision (three numeric characters);
2. Transaction account number (thirteen numeric characters); and
3. Control number (two numeric characters).
   Transaction account referred to in paragraph 3 of this Article shall be written in three parts in written documents determined by this paragraph, separated by dashes, while leading zeros in the second part may be omitted. Transaction account referred to in3 of this Article shall be used in electronic form solely as the line of 18 numeric characters specified under this paragraph.
   Article 4
   Fixed number referred to in Article 3 paragraph 3 item 1) of this Decision shall be the unique identification number, which the Central Bank determines for each payment service provider under Article 2 paragraph 1 of this Decision. The Central Bank shall keep records of all fixed numbers assigned to the payment service providers under Article 2 paragraph 1 of this Decision and it shall publish them on its web site.
   Article 5
   The transaction account number referred to in Article 3 paragraph 3 item 2) of this Decision shall be determined by the payment service provider referred to in Article 2 paragraph 1 of this Decision.
   Article 6
   The control number referred to in Article 3 paragraph 3 item 3) of this Decision shall be the number calculated for the line of sixteen digits (fixed number of the payment service providers under Article 2 paragraph 1 of this Decision and the transaction account number) according to the international standard ISO 7064, MODUL 97. The control number shall be obtained by multiplying the line of the first sixteen digits by 100, dividing the obtained number by 97, and by subtracting the rest from 98. The result obtained, expressed by two digits, shall be the control number. If there are no remaining parts during the subtraction, the control number shall be 98.
   Article 7

The transaction account opened in accordance with Article 3 paragraph 3 of this Decision may be used as uniform identification sign within the meaning of the provisions of the law regulating the payment system.
2. Structure of the transaction account for executing international payment transactions
Article 8
Payment service providers referred to in Article 2 paragraph 1 of this Decision shall open the transaction account for executing international payment transactions according to the IBAN structure (International Bank Account Number), which alphanumeric character consists of 22 characters.
Article 9
Alphanumeric character of the transaction account under Article 8 of this Decision shall consist of the following five separate parts:

1. Country code (two alphabet characters);
2. Control number for IBAN structure (two numeric characters);
3. Fixed number of the payment service provider under Article 2 paragraph 1 of this
   Decision (three numeric characters);
4. Transaction account number (thirteen numeric characters); and
5. Control number (two numeric characters).
   The transaction account referred to in 1 of this Article shall be written in written documents in the form of twenty-two alphanumeric characters formed in five groups of four characters and one group of two characters, separated by one empty field. The transaction account referred to in 1 of this Article shall be used in electronic form solely as the line of twenty-two alphanumeric characters.
   Article 10
   Country code referred to in Article 9 paragraph 1 item 1) of this Decision shall be ME and it shall be uniform identification sign for Montenegro as defined under ISO standard 3166-1.
   Article 11
   Control number for IBAN structure referred to in Article 9 paragraph 1 item 2) of this Decision shall be algorithmic number 25 calculated according to the international standard ISO 7064, MODUL 97.
   Article 12
   Fixed number of the payment service provider referred to in Article 9 paragraph 1 item 3) of this Decision shall be uniform identification number set forth in accordance with Article 4 of this Decision.
   Article 13
   The transaction account number referred to in Article 9 paragraph 1 item 4) shall be determined by the payment service provider referred to in Article 2 paragraph 1 of this Decision.
   Article 14
   The control number referred to in Article 9 paragraph 1 item 5) shall be the number calculated in accordance with Article 6 of this Decision.

III. OPENING, MAINTAINING AND CANCELLING OF THE TRANSACTION
ACCOUNTS FOR EXECUTING NATIONAL AND INTERNATIONAL PAYMENT TRANSACTIONS

1. Common provisions
   Article 15
   The Central Bank shall open, maintain and cancel transaction accounts of entities which are legally obliged to open and maintain, and/or which may open and maintain accounts with the Central Bank. The Central Bank may open and maintain the accounts to the following entities:

1. Settlement agents, clearing houses, and payment system operators participating in the
   RTGS system;
   2)Central Depository Agencies – the account for netting of cash of the subprime market transactions (cash pool).
   Article 16
   Payment service providers referred to in Article 2 paragraph 1 of this Decision, except the Central Bank, shall open, maintain and cancel:
   1)transaction accounts of companies and legal persons (hereinafter: legal persons) and entrepreneurs and other persons performing the activity in accordance with the regulations (hereinafter: entrepreneur), and
2. transaction accounts of natural persons.
   Article 17
   Payment service providers referred to in Article 2 paragraph 1 of this Decision shall open transaction accounts based on framework agreement signed with the payment service users regulating the terms and conditions of transaction account opening, maintaining and cancelling. When opening any transaction account, payment service providers referred to in Article 2 paragraph 1 of this Decision shall determine the identity of the payment service users and conduct other actions in accordance with regulations governing prevention of money laundering and terrorist financing. Framework agreement referred to in paragraph 1 of this Article shall be concluded according to the written request of the payment service user for the opening of the transaction account supported by the documents set forth in this Decision. A payment service user may submit the request for opening transaction account and the documents set forth in this Decision to the payment service provider referred to in Article 2 paragraph 1 of this Decision also in accordance with the law governing the electronic identification and electronic signature, respecting the regulations governing the prevention of money laundering and terrorist financing. The request for opening transaction account and documents set forth in this Decision need not to be certified unless it is mandatory in accordance with the law, other regulation or general act. Payment service users shall notify payment service providers on the change of information and documents used for transaction account opening no later than three days following that of the occurrence of the change.
   Article 18
   Payment service providers referred to in Article 2 paragraph 1 of this Decision shall record executed payment transactions at the level of individual transaction accounts of the payment service users.

Payment service providers referred to in Article 2 paragraph 1 of this Decision shall record and update the information on daily basis and provide accuracy of the recorded information.
Article 18a
Payment service providers referred to in Article 2 paragraph 1 of this Decision may cancel transaction accounts to payment service users without request for cancelling such accounts, provided that such accounts have not recorded any changes in the period of five years and provided that the balance on such accounts has been zero.
2. Transaction accounts of residents
2.1. Transaction accounts of legal persons and entrepreneurs – residents
Article 19
A legal person or an entrepreneur – resident shall submit the request for opening of the transaction account for the execution of national or international payment transactions, which shall contain the following information:

1. name of the legal person or entrepreneur;
2. place – head office, address and telephone number;
3. activity – type of operations of legal person or an entrepreneur;
   4)identification number of the legal person or identification number and the personal identification number of an entrepreneur; 5)signature of the person authorised for the representation of the legal person or entrepreneur. In addition to the request referred to in paragraph 1 of this Article, the applicant shall submit the following documents:
4. decision on registration – registration in the Central Registry of Companies (CRPS), and/or
   document on registration with other competent authority, if its registration is required;
5. document of the competent authority on founding, if its registration is not required;
6. abstract from the law, if it is established directly pursuant to the law;
7. notification of the competent authority on classification by activities, which is submitted in the
   case where such information on classification by activities is not an integral part of the decision, document or abstract referred to in items 1, 2, and 3 of this paragraph;
8. document on registration with tax authority which contains tax number of the applicant, if
   such registration is prescribed, which is submitted in the case where such information on classification by activities is not an integral part of the decision, document or abstract referred to in items 1, 2, and 3 of this paragraph;
9. Filled specimen signature card of persons authorised for signing the payment orders;
10. document on the appointment of authorised person of the applicant for its representation, if
    such person is not specified in the document on registration and/or in the law or other relevant regulation;
11. verification of the signature of authorised person of the applicant, which is not mandatory in
    case where such person is present and sign the request during its submission;
12. evidence on the payment of the compensation and/or the fee, if prescribed;
13. other documents requested by the payment service provider referred to in Article 2
    paragraph 1 of this Decision in accordance with its business policy.
    The applicant shall not be required to submit the documents referred to in paragraph 2 items 1, 2, 3, 4, and 5 of this Law if the payment service provider referred to in paragraph 2 item 1 of this Decision may obtain the requested information by immediate insight in the public registry which is kept, in accordance with regulations, in the Montenegro, unless otherwise stipulated by a separate law.

The payment service provider referred to in Article 2 paragraph 1 of this Decision shall label at the statement from the registry referred to in paragraph 3 of this Article the date and the time of the insight in such registry and the name of the person that has made the insight. When an applicant is a person whose transaction account, pursuant to the law, is excluded from the enforced collection, it shall submit, in addition to the documents referred to in paragraph 2 of this Article, documents which certify that this transaction account is excluded from the enforced collection. Notwithstanding paragraph 2 of this Article, in addition to the request for opening the transaction account for payment of funds for establishing a legal person, only incorporation agreement of that legal person shall be submitted. In addition to the request and documents referred to in paragraph 2 of this Article, payment service provider referred to in Article 2 paragraph 1 of this Decision shall request other information or other documents, if it is prescribed by the law or other regulation, and may also request the submission of additional documents which it deems necessary for deciding upon the request. When, on the basis of the submitted request and documents, the payment service provider referred to in Article 2 paragraph 1 of this Decision determines that the conditions for opening the transaction accounts are fulfilled, it shall sign with the applicant the framework agreement on transaction account opening and maintaining.
Article 20
Specimen signature card referred to in Article 19 paragraph 2 item 6) of this Decision must contain the following information:

1. Transaction account number;
2. Name of the applicant;
3. Head office, address and telephone number of the applicant;
4. Name, last name, uniform identification number or a number of foreign personal document
   and address of a person authorised for signing the payment order;
5. Manner of signing (individually or collectively);
6. Signature of the person authorised for signing payment orders;
7. Date;
8. Signature of the authorised person of the applicant;
9. Signature of the authorised person of the payment service provider referred to in Article 2
   paragraph 1 of this Decision; and
10. Other information requested by the payment service provider which opens the transaction
    account.
    Article 21
    Payment service providers referred to in Article 2 paragraph 1 of this Decision shall cancel the transaction account to a legal person or an entrepreneur – resident based on its written request for cancelling of the respective transaction account, and the cash from the cancelled transaction account shall be transferred to the transaction account noted in that request. In addition to the information referred to in Article 19 paragraph 1 of this Decision, the request for cancelling of the transaction account shall contain the number of the transaction account which cancelation is requested and the number of the transaction account to which the funds are transferred using the appropriate payment order. When the transaction account is cancelled to a legal person or an entrepreneur that ceases to exist as a legal entity, funds from the accounts to be cancelled may be paid in cash. Payment service providers referred to in Article 2 paragraph 1 of this Decision shall deny the request for cancelling the transaction account of a legal person or an entrepreneur – resident which is frozen (during the enforced collection, prohibition of disposal, and the like).

Article 21a
By way of derogation from Article 21 paragraph 1 of this Decision, payment service providers referred to in Article 2 paragraph 1 of this Decision shall cancel the account of the payment service users without the request if the payment service user has ceased to exist as a legal person on the basis of the law or other regulation. Payment service user referred to in paragraph 1 of this Article, shall be, within the meaning of this Decision, a payment service user who is not registered in the Central Register of Business Entities or any other public register under any label, whereby the obligation for its registration exists, or it is registered under the label “deleted”, “liquidated” or any other label that means that such payment service user has ceased to exist as a legal person in accordance with the law or other regulation. In case of paragraph 1 of this Article, if the legal successor or other person in favour of whose transaction account the payment transaction is executed is not prescribed by regulation or other legal document, the payment service provider referred to in Article 2 paragraph 1 of this Decision shall transfer cash from the cancelled transaction accounts to the transaction account of such payment service provider opened for cash which is not in use. Notwithstanding provisions of Article 21 paragraph 4 of this Decision, in case referred to in paragraph 1 of this Article, the payment service providers under Article 2 paragraph 1 of this Decision shall cancel also transaction account of a legal person or an entrepreneur – resident which is frozen. Payment service providers referred to in Article 2 paragraph 1 of this Decision may obtain information referred to in paragraph 2 of this Article by an immediate insight into the appropriate public registry, and they may also obtain them from the Central Bank, which shall forward the information to them from the competent authorities.
Article 22
Payment service provider referred to in Article 2 paragraph 1 of this Decision shall cancel all transaction accounts of the payment service user which is a legal entity or an entrepreneur - resident under bankruptcy or liquidation proceedings, pursuant to the request of bankruptcy or liquidation administrator, and shall open the bankruptcy or liquidation transaction account. In addition to the request referred to in paragraph 1 of this Article, bankruptcy or liquidation administrator shall submit the following documents:
1)Request for opening of the bankruptcy or liquidation transaction account supported by the following documents:

• decision on initiation of the bankruptcy or the liquidation proceedings;
• notification of the competent authority on classification by activities of the payment
  service user in bankruptcy or in liquidation;
• document on registration of the payment service user in bankruptcy or in liquidation with
  the tax authority;
• Filled specimen signature card of persons authorised for signing the payment orders from
  the transaction account of the payment service user under bankruptcy or liquidation proceedings, which contains information referred to in Article 20 of this Decision;

2. Abstract from the law which proves that this account is exempted from the enforced
   collection;
3. Payment order for transfer of funds from transaction accounts of the payment service user
   under bankruptcy or liquidation proceedings to be cancelled, before their cancellation, to the opened transaction account of the payment service user under bankruptcy or liquidation proceedings;

4)Request for cancelling all transaction accounts of the payment service user against whom bankruptcy or liquidation proceeding has been initiated; 5)Evidence on payment of compensation or fee, if prescribed.
Article 23
A payment service provider shall transfer funds referred to in Article 2 paragraph 1 of this Decision from transaction accounts of the payment service user to be cancelled to the opened transaction account of the payment service user under bankruptcy or liquidation proceedings, which cannot be used for other payment transactions until cancelling the transaction accounts of the payment service user against whom bankruptcy or liquidation proceedings have been initiated.
Article 24
If the bankruptcy proceedings are terminated and the payment service user under bankruptcy or liquidation proceedings continues with business, the payment service provider referred to in
Article 2 paragraph 1 of this Decision shall, upon the request of the bankruptcy administrator or
other authorised person, cancel transaction account of the payment service user against whom bankruptcy proceedings are terminated, and shall open a new transaction account to the payment service user. In addition to the request from the paragraph 1 of this Article, the following documentation shall be submitted:
1)Request for opening the transaction account supported by the following documents:

• decision on termination of the bankruptcy proceedings against the payment service user under
  bankruptcy proceedings;
• notification of the competent authority on classification by activities of the payment service
  user against which the bankruptcy proceedings are terminated;
• document on registration with the tax authority of the payment service user against which the
  bankruptcy proceedings are terminated; and
• Filled specimen signature card of the persons authorised for signing the payment, signed by
  authorised person, which contains information referred to in Article 20 of this Decision;

2. Payment order for transfer of funds from transaction accounts of the payment service user
   against which the bankruptcy proceedings are terminated which shall be cancelled, before the cancellation, to newly opened transaction account of the payment service user; 3)Request for cancelling transaction account of the payment service user against whom bankruptcy or liquidation proceeding has been terminated; 4)Evidence on the payment of compensation or fee, if they are prescribed.
   Article 25
   Payment service provider referred to in Article 2 paragraph 1 of this Decision shall transfer funds from the transaction account of the payment service user against which the bankruptcy proceedings are terminated to the newly opened transaction account of that payment service user, which cannot be used for other payment transaction until cancelling the transaction account of the payment service user against whom bankruptcy or liquidation proceedings have been conducted.
   Article 26
   Payment service provider shall cancel the transaction accounts of the payment service user whose statutory changes occurred, pursuant to the request of that payment service user or its legal successor, and shall execute transfer from the cancelled transaction accounts to the transaction account specified in the request. In addition to the request referred to in paragraph 1 of this Article, the payment service user or his legal successor shall submit the following:

1)Request for opening the transaction account of the payment service user created by the statutory change, supported by the following documents:

• decision on the registration of the statutory change in the register of the competent authority;
• document on registration of the payment service user created by the statutory change, if such
  registration is prescribed;
• Notification of the competent authority on classification by activities of the payment service
  user created by the statutory change;
• Document on registration of the payment service user who is the legal successor of the
  payment service user created by the statutory change with competent tax authority; and
• Filled specimen signature card of persons authorised for signing payment orders, which
  contains information referred to in Article 20 of this Decision;

2. Payment order for transfer of funds from all transaction accounts of the payment service user
   ceased to exist by statutory change which shall be cancelled, before the cancellation, to the opened transaction account of one or several payment service users created by statutory change or to the transaction account of the incorporating payment service user; 3)Request for cancelling all transaction accounts of the payment service user ceased to exist by statutory change, with the decision on deleting of the payment service user ceased to exist by statutory change as a legal entity from the register of the competent authority; 4)Evidence on payment of the compensation or fee, if they are prescribed.
   Article 26a
   In the case of statutory change of merger of one bank to another, the bank to which other bank is merged (hereinafter: the acquiring bank) shall submit to the payment service user of the bank being merged an offer for transaction account opening with that bank, no later than two months before the agreed day of merger (hereinafter: merger day). The offer referred to in paragraph 1 of this Article shall be deemed accepted and the framework agreement of opening and maintaining the account with the acquiring bank shall be deemed concluded, unless the payment service provider, within the deadline specified in the offer, informs the bank that he does not accept the offer. In the case when the payment service users inform the acquiring bank that they do not accept the offer referred to in paragraph 1 of this Article and do not submit the request for cancelling the transaction account to the acquired bank by the expiry of the deadline from the offer, it shall be deemed that they accepted the offer of the acquiring bank referred to in paragraph 1 of this
   Article.
   The acquiring bank may use also, exclusively for cash inflows in favour of the payment service users, the number of the transaction account of the payment service user, in period of maximum of one year following the merger day, which is in accordance with this Decision, assigned by the acquired bank. The acquiring bank shall direct and record cash received through the account number referred to in paragraph 3 of this Article in favour of the transaction account number of the payment service user that was assigned to him by the bank. The provisions of paragraphs 1 to 4 of this Article shall be applied mutatis mutandis in the case of bank merger by establishing a new bank, division or de-merger of the bank with the establishment of new bank.
   2.2. Transaction accounts of natural persons – residents
   Article 27
   A natural person – resident shall submit the request for opening transaction account for the execution of national or international payment transactions, which shall contain the following information:

3. Name and last name of the natural person;

4. Residence, address and telephone number;

5. Uniform identification number of natural person or other identification number from the
   appropriate personal document of natural person;

6. Signature of natural person;

7. Other information requested by the payment service provider with which transaction account
   shall be opened in accordance with its business policy.
   In addition to the request referred to in paragraph 1 of this Article, the applicant shall submit for information purposes documents confirming the identity of such person and its citizenship (personal ID, passport or other appropriate personal document containing a photo of such person), whereas foreign citizen and person without citizenship shall submit also a certified copy of the permanent or temporary residence permit in Montenegro, or permit for temporary residence and work in Montenegro or other appropriate document proving its continuous residence in Montenegro in period of one year or longer. In addition to the request referred to in paragraph 1 of this Article, the applicant shall submit its specimen signature card, and in case it authorises another person to sign payment orders, it shall submit specimen signature card of such person. Payment service providers referred to in Article 2 paragraph 1 of this Decision may open transaction account also to a minor – resident based on the framework contract, which, on behalf and for the account of such person, is signed by its legal representative after determining the identity of the representative. By way of derogation from paragraph 4 of this Article, payment service providers referred to in Article 2 paragraph 1 of this Decision may open transaction account also upon request of a minor – resident in cases when such persons exercise the rights as if they were of full age, in accordance with separate laws (marriage, conclusion of employment contracts, etc.) A natural person – resident may authorise other person to sign, on his behalf and for his account, a framework contract on opening and maintaining transaction account, where payment service providers referred to in Article 2 paragraph 1 of this Decision shall determine the identity of the authorised person and open the transaction account based on power of attorney verified by the competent authority and which may not be older than three months. When it is determined based on the submitted request and documentation that the conditions for opening transaction account have been fulfilled, the payment service provider referred to in
   Article 2 paragraph 1 of this Decision shall sign framework contract on transaction account
   opening and maintaining with the applicant.
   Article 28
   Payment service providers referred to in Article 2 paragraph 1 of this Decision shall cancel transaction account to a natural person – resident based on his written request for cancelling of the respective transaction account, and the cash from the cancelled transaction account shall be transferred to the transaction account noted in that request or may be paid in cash. In addition to the information referred to in Article 27 paragraph 1 of this Decision, the request for cancelling of the transaction account shall contain the transaction account which cancelation is requested and the transaction account to which the funds are transferred using the appropriate payment order, if the funds are transferred to another transaction account. Payment service providers referred to in Article 2 paragraph 1 of this Decision shall deny the request for cancelling the transaction account of a natural person – resident which is frozen (during the enforced collection, prohibition of disposal, and the like).

3. Transaction accounts of non-residents
   3.1. Transaction accounts of legal persons – non-residents

Article 29
The request submitted by a legal person – non-resident for opening transaction account for the execution of national or international payment transactions shall contain the following information:

1. Name of the legal person;
2. Place and state of its registered office, address and telephone number;
3. Activity – scope of activity of the legal person;
   4)signature of a person authorised for representing legal person – non-resident. In addition to the request referred to in paragraph 1 of this Article, the applicant shall submit the following documents:
   1)the statement from the registry in which legal person – non-resident was registered in a country of its registered office or, if it has been founded in a country in which the registration has not been done in such registry – other valid document on founding in accordance with the regulations of the originating country based on which legal from of such non-resident can be determined as well as the date of its founding;
4. verification of the signature of authorised person of the applicant, which is not mandatory in
   case where such person is present and sign the request during its submission; 3)filled specimen signature card of persons authorized for signing payment orders, which contains information referred to in Article 20 of this Decision and which has been signed by authorised person from the decision on registration of the legal person – non-resident in originating country and/or a person to which authorised person has transferred proxy, or from other legally valid document of incorporation; 4)Evidence on the payment of compensation or fee, if prescribed;
5. Other documents requested by the payment service providers referred to in Article 2 paragraph
   1 of this Decision in accordance with its business policy.
   A copy of the document referred to in paragraph 2 item 1 of this Article which is verified by a competent body shall be submitted as well as its certified translation to Montenegrin language that cannot be older than three months. A legal person – non-resident shall, upon the signing of the framework contract on the transaction account opening and closing, submit the document referred to in paragraph 3 of this
   Article to the payment service provider referred to in Article 2 paragraph 1 of this Decision once
   a year. If it fails to do so, the payment service provider referred to in Article 2 paragraph 1 of this Decision shall not execute payment transactions of such legal person – non-resident until it submits such document. When opening transaction account, foreign diplomatic and consular representative offices in Montenegro shall submit the following:
6. Certificate on registration issued by state authority responsible for foreign affairs;
7. Information of the competent authority in Montenegro on the classification of activities;
8. Document on registration with the competent tax authority in Montenegro containing tax
   identification number;
9. verification of the signature of authorised person of the applicant, which is not mandatory in
   case where such person is present and sign the request during its submission;
10. Filled specimen signature card of persons authorised for signing payment orders from that
    account, which contains information referred to in Article 20 of this Decision;
11. Evidence on the payment of compensation or fee, if prescribed;
12. Other documents requested by the payment service providers referred to in Article 2
    paragraph 1 of this Decision in accordance with its business policy.
    When it is determined based on the submitted request and documentation that the conditions for opening transaction account have been fulfilled, the payment service provider referred to in

Article 2 paragraph 1 of this Decision shall sign framework contract on transaction account
opening and maintaining with the applicant.
Article 30
Payment service providers referred to in Article 2 paragraph 1 of this Decision shall cancel transaction account to a legal person – non-resident based on its written request for cancelling of the respective transaction account, and the cash from the cancelled transaction account shall be transferred to the transaction account noted in that request or may be paid in cash. In addition to the information referred to in Article 29 paragraph 1 of this Decision, the request for cancelling of the transaction account shall contain the transaction account which cancelation is requested and the transaction account to which the funds are transferred using the appropriate payment order, if cash payment is not required. In case of paragraph 2 of this Article, if legal successor has not been determined or other person on which behalf the payment transaction from the transaction account is executed, the payment service provider referred to in Article 2 paragraph 1 of this Decision shall transfer cash from the cancelled transaction account to the transaction account opened for cash that is not used. Payment service providers referred to in Article 2 paragraph 1 of this Decision shall deny the request for cancelling the transaction account of a legal person – non-resident which is frozen (according to the court decision, and the like).
3.2. Transaction accounts of natural persons – non-residents
Article 31
The request submitted by the natural person – non-resident for opening transaction account for the execution of national or international payment transactions shall contain the following information:

1. Name of the natural person;
2. residence, address and telephone number;
   3)identification number from passport or other corresponding personal document of such natural person; 3a) address of temporary residence in Montenegro, if applicable; 4)signature of a natural person;
3. other information requested by the payment service provider with which a transaction account
   is opened in accordance with its business policy.
   In addition to the request referred to in paragraph 1 of this Article, the applicant shall submit for information purposes documents confirming the identity of such person and its citizenship (personal ID, passport or other appropriate personal document containing a photo of such person), or appropriate document proving that the person is without citizenship, whereas Montenegrin citizen shall also submit an evidence confirming that it resides in Montenegro shorter than a year, and foreign citizen and a person without citizenship shall submit a certified copy of the temporary residence permit in Montenegro, or permit for temporary residence and work in Montenegro or other appropriate document proving its continuous residence in Montenegro in period shorter than one year. In addition to the request referred to in paragraph 1 of this Article, the applicant shall submit its specimen signature card, and in case it authorises another person to sign payment orders, it shall submit specimen signature card of such person. Payment service providers referred to in Article 2 paragraph 1 of this Decision may open transaction account also to a minor – non-resident based on the framework contract, which, on behalf and for the account of such person, is signed by its legal representative after determining the identity of the representative.

A natural person – non-resident may authorise other person to sign, on his behalf and for his account, framework contract on opening and maintaining transaction account, where payment service providers referred to in Article 2 paragraph 1 of this Decision shall determine the identity of the authorised person and open transaction account based on the power of attorney verified by the competent authority and which may not be older than three months. When it is determined based on the submitted request and documentation that the conditions for opening transaction account have been fulfilled, the payment service provider referred to in
Article 2 paragraph 1 of this Decision shall sign framework contract on transaction account
opening and maintaining with the applicant.
Article 32
Payment service providers referred to in Article 2 paragraph 1 of this Decision shall cancel transaction account to a natural person – non-resident based on its written request for cancelling of the respective transaction account, and the cash from the cancelled transaction account shall be transferred to the transaction account noted in that request or may be paid in cash. In addition to the information referred to in Article 31 paragraph 1 of this Decision, the request for cancelling of the transaction account shall contain the transaction account which cancelation is requested and the transaction account to which the funds are transferred using the appropriate payment order, if payment in cash is not required. Payment service providers referred to in Article 2 paragraph 1 of this Decision shall deny the request for cancelling the transaction account of a legal person – non-resident which is frozen (according to the court decision, and the like).
4. Joint transaction account
Article 33
The request for opening joint transaction account shall be signed by all persons intended to be holders of joint transaction account. In addition to the request referred to in paragraph 1 of this Article, the documents set forth in this decision for opening transaction accounts shall be submitted individually for each holder of joint transaction account.
IV. FINAL PROVISIONS
Article 34
The Decision on the structure of the transfer execution account and the detailed conditions and manner of the account opening and closing (OGM 24/09, 15/11) and the Decision on the unique structure for identification and classification of the accounts by IBAN standard for cross border payments (OGRM 74/06) shall be repealed with effect from the date of entry into force of this decision.
Article 35
This decision shall enter into force on the eighth day following that of its publication in the Official Gazette of Montenegro.

THE COUNCIL OF THE CENTRAL BANK