The Central Bank of Montenegro (CBCG) has issued a precautionary warning to commercial banks, urging them not to tell clients that their access to funds will be blocked if they fail to provide a new ID card. CBCG clarified that this is a legal obligation under Montenegrin law, not a directive from the central bank.
The warning follows a rise in client complaints regarding bank notifications about potential account restrictions. CBCG reminded banks that they must fully, accurately, and timely inform clients about their legal rights and obligations, and must not present these obligations as orders from CBCG. Misrepresenting legal requirements as central bank directives is considered reputationally unacceptable and creates public confusion.
CBCG emphasized that the obligation for clients to hold valid ID cards arises from the Law on Personal Identification Cards and the Law on Prevention of Money Laundering and Financing of Terrorism, both under the Ministry of Internal Affairs, not CBCG. Banks are required to communicate clearly that these obligations are legal requirements, ensuring transparent and accurate information while complying with relevant anti-money laundering and consumer protection regulations.
The bank warned that it will closely monitor bank communications with clients and take strict legal measures in case of violations.
