BUSINESS

BH Central Bank completed the upgrading of the Single Registry of Business Entities’ Accounts

In order to improve the payment systems, the Central Bank of Bosnia and Herzegovina (CBBH) completed the upgrading of the Single Registry of Business Entities’ Accounts in Bosnia and Herzegovina to the new platform and with new functionalities, which is to be operational as of 1 October 2018.

It is a Registry of all accounts of business entities that make payments in Bosnia and Herzegovina through accounts opened with banks and the CBBH. The novelty is that all accounts of business entities will now be registered in the Registry, while until now only the transaction accounts were there.

The Single Registry of business entities’ accounts in Bosnia and Herzegovina will be useful primarily to commercial banks, tax authorities, administration bodies, law enforcement authorities and other levels of government, when investigating financial tools and transactions that companies and individuals can exploit in an unlawful way, for inst. for tax evasion and for money laundering purposes. The Registry will also provide information to all legal and physical entities, who are required to demand the collection of their claims through the authorized institutions’ enforcement.

The Single Registry of business entities accounts in Bosnia and Herzegovina will be operated by the CBBH, but only the commercial banks shall be responsible for the accuracy and timeliness of submitted data.

The data from the Single Registry of Business Entities’ Accounts in Bosnia and Herzegovina will be available to authorized users directly via the internet and for all other users in the form of individual reports. The new thing also is that along with the CBBH and the entities’ Banking Agencies, now the institutions, administrative bodies, local community bodies and commercial banks can have the free access via the internet. This novelty enables those entities to have regular online access to the necessary data, having more efficient use than written requests.

The CBBH distribution of data from the Single Registry of Business Entities’ Accounts in Bosnia and Herzegovina in the form of individual reports continues through its organizational units (Main Units and Branches), on the basis of a written request. Users will be able to download the reports personally, by fax or by e-mail. The novelty in the distribution of this type of report is that, besides the Main Units, now they can be taken over at the Branches of the CBBH in Brčko and Pale.

The all relevant information and information on the Single Registry of Business Entities’ Accounts in Bosnia and Herzegovina can be found on the CBBH website – www.cbbh.ba, in the part related to payment systems.

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