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Central Bank awarded for the financial sector business action of the year.

On 26 June 2019, the award ceremony for aThe Business Action of the Year 2018" was held, when the Central Bank of Bosnia and Herzegovina (CBBH) was awarded for the financial sector business action of the year and related to the upgrade of the Single Registry of Business Entities' Accounts in Bosnia and Herzegovina.

During the ceremony, organized by the portal Indikator.ba and the Chamber of Economy of the Federation of Bosnia and Herzegovina, which was held in the premises of the Foreign Trade Chamber of BiH, the awards were presented in several business areas, said the Central Bank of BiH in a press release.

On the occasion of this award receiving, the CBBH Governor Senad Softic, Ph.D., in his speech thanked for the award and recognition of the CBBH contribution.

"The CBBH is doing a lot of things that are of general interest, and all the improvements, which, at first glance, are not completely evident to the average citizen, contribute to the stability of the financial system. One of these areas is the maintenance of payment systems, which are the important parts of the financial infrastructure. Therefore, we are happy and proud when the professional community and the expert public recognize our contributions.", said Governor Softic.

In 2004, the CBBH established the Registry of Transactions Accounts of Legal Entities. Since 1 November 2018, it was upgraded to the Single Registry of Business Entities' Accounts in Bosnia and Herzegovina, on a new platform and with new functionalities.

The upgraded Registry has brought new technology solutions, more data and new functionalities. The innovation is that all accounts of legal entities are now in the Registry, whereas previously it only contained transaction accounts. Furthermore, the Registry is based on a real-time working, which implies that the data are collected continuously during working hours and are processed as such.

This implies that they are more up-to-date than with the previous Registry, and this is very important, bearing in mind that the data from the Registry are essential for banks, tax authorities, administration bodies, law enforcement agencies and other levels of government when disclosing financial structures and transactions that companies and individuals can use in illegal manner.

The Registry also provides information to all legal and physical entities who have to make forced debt collection through authorized institutions. Also, a very important news is that institutions and authorities of all levels of government have the possibility of direct access to the Registry via the Internet.

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Publication:Federalna Novinska Agencija (Sarajevo, Bosnia and Herzegovina)
Geographic Code:4EXBO
Date:Jun 26, 2019
Words:458
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