Due to its creation in September 2016 the Governing Council of the Bulgarian National Bank adopted Ordinance No. 12 on the Register of Bank Accounts and Safe Deposit Boxes. This regulatory instrument defines in detail the procedure for submission and obtaining information from the Register of Bank Accounts and Safe Deposit Boxes maintained by the National Bulgarian Bank.
Practically, the register aims to provide centralized information indicating bank account numbers, bank account holders and the individuals authorized to operate with the accounts of the parties, as well as for the safe deposit boxes lessees and their proxies.
A number of government bodies and banks will be able to receive information from the register as it is specified under Art. 56a, para. 3 of the Credit Institutions Act, natural and legal persons may have access to the register as well on the information contained thereon in the system.
This is undoubtedly a step into the right direction. This database will be especially useful for government institutions and the banks, it will save administrative resources and time by the rapid identification of bank account holders in Bulgaria, which was so far possible but was being conducted through a slow, cumbersome and therefore useless wasteful resource procedure. In the future, in order to achieve even greater benefit from the register a proper formula for access and usage by financial institutions by the identification, especially of the beneficiaries of consumer loans, shall be found.
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