Need for updating the citizens' data in the banking sector

Skopje, 7 February 2023

Commercial banks, in accordance with the existing legislation from the Law on Anti-Money Laundering and Combating the Financing of Terrorism, the Law on Personal Data Protection, as well as the by-laws, need to regularly update the personal data of the clients. In modern conditions of increasingly frequent use of electronic and mobile banking services, according to the legal provisions for protection of personal data and the security of payments, banks need to maintain regular communication with their clients, for the purpose of secure provision of services and protection of consumers of financial products and services.

Banks need to verify the identity of the client or the rightful owner when establishing the business relationship. Each bank, with an internal act, determines the frequency of updating the documents and data necessary for monitoring the business relationship with the clients. In case of change in some of the personal data (address, new identity card, etc.), the client is required to appropriately inform the bank whose services they use.

Banks need to inform the citizens of the easiest and the fastest way in which they can update their personal data, as well as how often they should update their personal data with the bank (even when there is no change in data). Some banks allow for the data to be updated electronically, without coming to the banks' counters.

Finding ways to inform on the novelties in the regulation, as well as the regular communication with the clients of all aspects when using the services from the banking sector contributes to increasing the citizens' confidence in the banking sector, thus reducing the room for speculation and disinformation that can disturb the stability of the banking system.