BUSINESS

Central Bank of BiH supports Upgrade of the existing Single Registry of Accounts

The Central Bank of Bosnia and Herzegovina (CBBH) supports the reforms contained in the Letter of Intent related to the financial sector, in particular, the upgrade of the existing Single Registry of Accounts that would include the accounts of citizens in Bosnia and Herzegovina.

Everything that was mentioned is aimed at strengthening financial stability and fulfilling the goal of the arrangement with the IMF, that is, improving the framework for preventing money laundering / combating terrorist financing.

The economic space of Bosnia and Herzegovina is a single space, and banks, individuals and legal entities operate and perform financial transactions throughout Bosnia and Herzegovina, without any restrictions. It is extremely important to upgrade the Single Registry of Accounts at the level of Bosnia and Herzegovina exactly to reduce the possibility of illegal transactions. This does not limit the possibility and right to keep the entity registries, nor it transfers any competencies in this way.

It should be noted that the CBBH is an institution of Bosnia and Herzegovina defined by Constitution, which has the legal task to, in addition to providing currency stability, support and maintain payment and settlement systems in Bosnia and Herzegovina, as well as to implement actions to combat money laundering and terrorist financing.

The legal basis for maintaining the Registry of Accounts of Legal Entities and Citizens is unquestionable and the CBBH has, for many years now, established Single Registry of Accounts of Business Entities and the Central Credit Registry of Legal Entities and Citizens. By upgrading the Registry to include the accounts of citizens, this process would be completed. With that, the work of all participants in the financial sector would be significantly easier, especially banks, and indirectly the citizens of Bosnia and Herzegovina.

We do not see how upgrading the Single Registry is to the detriment of anyone in Bosnia and Herzegovina.

Having in mind what was stated above, the CBBH remains consistent in its efforts to fulfill all its legal and strategic goals, while continuously preserving monetary and financial stability in the country.

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