Regulatory Alerts2020-01-01
Decision on the structure, more detail conditions and manner of transaction account opening and cancelling
The Central Bank of Montenegro issued this Decision to regulate the structure, conditions, and procedures for opening and cancelling transaction accounts used for national and international payments. It mandates that national accounts follow an 18-digit BBAN structure while international accounts must use a 22-character IBAN format, with specific requirements for provider identification and control numbers. The regulation further details the documentation and identity verification processes required for residents and non-residents, including provisions for account cancellation due to inactivity, legal entity dissolution, or bankruptcy proceedings.
Share