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A REGISTER OF ACCOUNTS OF NATURAL PERSONS IN FB&H HAS BEEN ESTABLISHED

kolovoza 1, 2022

The Financial and Information Agency (FIA) has established a Single register of accounts of natural persons in the Federation of Bosnia and Herzegovina. The establishment of the register makes it much easier to collect information on the accounts of natural persons in the FB&H, since it is now sufficient to send one request to the FIA for information on the accounts of natural persons, compared to the previous 17 requests that had to be sent to each bank individually, in order to obtain the desired information about the accounts of a natural person.

Some of the benefits of the establishment of this register are more efficient collection of claims in the enforcement procedure (faster and with lower costs), and reduction of the risk of money laundering and financing of terrorist activities, and the fight against corruption as well, which would result in cheaper and more attractive capital in B&H, an increase in payment power of citizens, but also the companies, and cheaper services of money circulation, but also of any exchange of goods in general, which are used by citizens of B&H (eg. lower interest rates, margins, etc.).

The register of accounts of natural persons represents a significant change in the collection of claims in the enforcement procedure, given that the enforcement seeker will now, due to the faster completion of the enforcement procedure, first reach for information about the executor's accounts, since the enforcement on the accounts will make it much easier to settle his claim. Thus, the enforcement seeker will not necessarily need information about the executor's real estate, or about movable things, such as motor vehicles and the like, and in many cases the involvement of bailiffs will be avoided, thus significantly shortening the enforcement procedure, which by its very nature is urgent. By submitting a request for access to the register data through the FIA, the enforcement seeker can obtain information about all accounts of the executor and then inform the court about this in the proposal for enforcement, which will then settle the claim of the enforcement seeker in coordination with the banks. With the introduction of the Single register of accounts of natural persons in the FB&H, investigation authorities will be able to have a more complete insight into the potential corrupt actions of individuals, since information about accounts will be stored in one place, which will be accessible much faster, of course with an adequate legal basis. 

According to the FIA, the data on the accounts of natural persons are completely protected and no one has access to them, except for persons who receive special authorization for this. It is important to note that the Register, in accordance with the Law on the Protection of Personal Data of B&H, only provides information on the number of active transaction accounts of natural persons, while it does not provide information on the amount of money in the account.

On the basis of a submitted request in written or electronic form, FIA is authorized to submit data from the Register, under the following conditions:

if the data subject has previously given written consent;

if the reason is based on the decision or request of the competent court;

if data is requested by The Banking Agency of the Federation of Bosnia and Herzegovina, for the purpose of supervising authorized organizations in accordance with the Law;

if data is requested by the ministry of internal affairs, the body in charge of the fight against organized crime and corruption and the body in charge of preventing money laundering and financing terrorist activities, in accordance with the regulations;

if data is requested by the Tax Administration of the Federation of Bosnia and Herzegovina and other control bodies in accordance with the regulations governing matters within their competence;

if data is requested by lawyers for the purpose of undertaking legal actions with the aim of providing legal assistance to represent natural and legal persons in the realization of their claims with the attached power of attorney of the party;

if data is requested regarding the procedure of execution or insurance on the property of the account holder, upon the request of the court, other competent body or authorized person who in accordance with a special law has a legal interest in enforcing claims in that procedure.

We emphasize that with the establishment of the register at the FB&H level, in addition to the already established register at the RS level, the Central Bank of B&H is now expected to establish a single register at the state level, in order to respond to the demands of the IMF and the EU and thus join the countries in the region that already have an established registry.

Register data request form (link)

Consent form of the person to whom the requested data from the Register refer (link)


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