Foreign investors looking to start businesses in Montenegro are facing unexpected administrative hurdles, with one of the main difficulties being the opening of business bank accounts. Non-residents who contacted the Pobjeda editorial office claim that the process takes too long, complicating investment and business operations in the country. The situation is particularly problematic in Ulcinj, where waiting times can extend for weeks.
Long process for opening accounts
Banks assert that they strictly follow regulations to prevent money laundering and terrorism financing. Although they emphasize their commitment to being reliable partners for foreign investors, non-residents argue that the process of opening an account is not smooth.
Are the banks or investors correct?
We reached out to the banks for clarification on these complaints. The Crnogorska Komercijalna Banka (CKB) highlighted its dedication to providing efficient services to all clients, including non-residents. According to CKB, the process is in line with regulations and aimed at establishing long-term business relationships while respecting the law.
They noted that opening accounts for non-residents involves additional procedures due to legal and regulatory standards, but they are committed to making this process as fast and efficient as possible. CKB emphasized that the process is unified across all their branches and clearly defined, ensuring a consistent experience for clients.
Compliance with regulations
Erste Bank’s representative, Dragana Crvenica, similarly confirmed that banks must comply with European and national regulations when entering into business relationships with clients. This includes the collection of necessary information for proper identification, which is essential for preventing fraud and assessing potential money laundering risks.
Crvenica added that the opening of accounts is uniform across all branches and that, once the required documentation is submitted, the process typically takes only a few working days.
Positive Experiences from Other Banks
Other banks, such as Hipotekarna Banka and Adiko Bank, have also expressed positive experiences with foreign clients and emphasized their commitment to adhering to legal regulations. They noted that their services are consistent across all branches, including those in Ulcinj, where no official complaints have been received regarding account opening procedures.
Central Bank’s Position
The Central Bank of Montenegro (CBCG) stated that any dissatisfied party has the right to file a complaint. They clarified that banks have the discretion to request additional documentation based on their internal policies, which can sometimes delay the process due to security and regulatory compliance requirements, including anti-money laundering measures.
In conclusion, while the opening of accounts for non-residents involves strict legal procedures, banks are generally working to ensure the process is as efficient as possible, with some variance based on the documentation required and internal policies.
