Belarus to Change Requirements for Bank Accounts With a Special Operating Regime

Aliaksandr Lukashenka has signed a decree on current bank accounts with a special operating regime. The document approves regulations defining the requirements for opening and closing such accounts, as well as the obligations of their holders, his press service reported.

A special account may be opened regardless of whether a bank has decisions in place suspending transactions on the holder’s other accounts or orders freezing funds in those accounts.

The holder of a special account is required to keep records of incoming funds, return improperly credited amounts, and fully reimburse funds used for purposes other than those intended. In addition, the holder must provide authorised bodies with information necessary to monitor the receipt and intended use of funds.

The decree applies to accounts that will be opened after it enters into force.