Banks’ access to the Register of Legal Entities ensured

UniCredit Bank Czech Republic and Slovakia, a.s., pobočka zahraničnej banky
Fri, 22/03/2024

The scope of reference data in the Register of Legal Entities expanded

The aim of the approved Act No. 302/2023 Coll., amending Act No. 272/2015 Coll. on the Register of Legal Entities, Entrepreneurs and Public Authorities and Act No. 483/2001 Coll. on banks, ensures access of banks in the Slovak market to data entered in the Register of Legal Entities in electronic form, in an automated manner and free of charge. The main driver is to remove the administrative and fee burdens when completing tasks as obligated persons under the AML/CFT directive in client care, and tasks of banks in preparing, concluding, and executing transactions with clients.

The law also expands the scope of reference data in the Register of Legal Entities to include the European Unique Identifier – EUID, and the Legal Entity Identifier –  LEI. In the case of the provision on the registration of LEI’s, the proposed effect is postponed, until July 1, 2024. The Statistical Office of the Slovak Republic will assign the EUID to a legal entity, natural person, or entrepreneur, upon registration in the register of legal entities. The Statistical Office will also be the competent authority for assigning the LEI code.

The EUID is an identification code that enables the identification of companies and their branches in central, business and company registers within the EU, through the EU-wide Register Interconnection Platform.

The amendment to the law entered into force on October 1, 2023, except for some provisions that will enter later, namely on July 1, 2024, and January 1, 2025.