The provision of art.56a of the Law on Credit Institutions (LCI) has entered into force in the beginning of the present year. According to this article the Bulgarian National Bank (BNB) establishes and maintains an electronic information system for bank account numbers, their holders and the persons authorized to dispose with the accounts, as well as for those renting a safe in a bank and their proxies.
All banks are obliged to provide BNB with current data for the circumstances listed above at least once a month.
Bodies and institutions under art. 56a, para. 3 of LCI will have access to the information contained in the register in relation to the execution of their duties on specific checks, and namely: the judicial authorities / courts, prosecutor’s office and investigating authorities/, Directorate general “National Police” and the Chief Directorate “ Organized Crime Control” of Ministry of Interior, State Agency “National Security”, National Revenue Agency, Commission for withdrawal of illegally acquired property, bailiffs in enforcement proceedings and the chief inspector or an inspector from the Inspectorate to the Supreme Judicial Council.
Any person will be able to obtain information in relation to data contained in the register for him as a holder of a bank account, as a tenant of a safe or authorized person. Heirs of deceased people will also be able to obtain information. It will be provided free of charge to natural persons in a 14-days term and in other cases – for a fee.
Until the present moment the data has been processed and is available in BNB but the access to the register is still hampered until the completion of all necessary administrative procedures.
author: Vesela Velinova, attorney-at-law
Member of “Velinov and partners” Consulting House