Regulatory Alerts2020-01-01
Decision on the structure, more detail conditions and manner of transaction account opening and closing
The Central Bank of Montenegro issued this Decision to regulate the structure, detailed conditions, and procedures for opening and closing transaction accounts 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 structure, with specific algorithms for control numbers. The regulation further defines the documentation requirements and contractual obligations for payment service providers when onboarding residents, including legal persons, entrepreneurs, and natural persons.
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