Declaring accounts with fintech companies: what you need to know

Who is required to declare accounts?

If your account is used for commercial activity, whether as a sole trader or a company, you are required to declare it within 15 days of opening it. If the account is used exclusively for personal purposes (for example, for purchases, transfers to friends or relatives and paying for subscriptions), there is no need to submit information to the BNB.

How is the declaration submitted?

• In person at a BNB office (in two copies, one of which, bearing the receipt stamp, stays with you)
• By courier service (also in two copies)
• Electronically (where this option is available)

How often must reports be filed?

Once the account has been registered with the BNB, a report on the movement of funds must be filed every quarter.

Reporting deadlines:

• By the 20th of the month following the quarter (January, April, July, October)
• The report for the 4th quarter – by 25 January of the following year.

What happens if a commercial account is not declared?

The fines and penalties for failing to meet this requirement can be quite unpleasant, especially for a business.

If you have commercial accounts with Revolut, PayPal, Wise or other fintech companies, your account is subject to declaration. Do not delay filing the documents!