On October the 1st, 2015, a unified registry was created for private and corporate bank accounts controlled by the National Bank of Serbia (the “NBS”).

According to the NBS the aim of introducing such registry is to enable quicker access and information on these accounts. Before introducing this new registry, judges and bailiffs had to request bank account information from each individual bank separately. Thanks to the new NBS unique registry, these data will be available from one unique spot.

The registry includes personal information of the client, the account, account opening and date of closing and data about the bank/provider of the account. Important to note is that the NBS will not make available the data about account movements and account balance of the client. These have to be requested directly from the bank by the competent authority as before.

How does it work? If the debtor has an existing bank account, the bailiff will send a decision to the bank which is bind to block the specified pecuniary amount and to transfer that amount to the bailiff or the creditor, which is improving the efficiency and costs of process. On one side, the workload of the administration will decrease and on the other side, this will expedite the entire process.

Important to note is that the data on private individuals are not publicly available – contrary to corporate identities. This means that the NBS shall deliver information on private bank accounts only to the authorized authorities (Ministry of Interior, courts, tax authority, bailiffs, attorneys etc.) on the basis of a written request for specific purpose which shall not be published or made accessible to third parties. Furthermore, The Law on data protection applies to data obtained in such manner.

Our experience with this new unique register is positive, and it shows an improved workflow, as we are receiving the requested data in a very short period, which is important for our clients (enforcement creditors).