Podgorica, (MINA-BUSINESS) – The Association of Montenegrin Banks (UBCG) will initiate communication with the relevant institutions regarding a regulatory challenge the banking sector faces in connection with the mandatory replacement of ID cards by 30 September.

UBCG said in a press release that the possibility of extending the deadline or introducing a transitional regime for certain categories of the population will be considered in discussions with the authorities.

“UBCG will reach out to the relevant institutions involved in addressing this issue, while banks themselves will notify clients by email, SMS, mobile applications, and other channels by no later than September 30 about the procedures that will apply after the deadline for replacing ID cards, in line with legal requirements,” the Association stated.

According to UBCG, there is a significant risk that many citizens will not manage to obtain new ID cards on time from the Ministry of Interior’s local branches, due to administrative or other justified reasons.

“In these circumstances, compelled by existing regulations and clients’ delays, banks are exposed to operational and reputational risks through no fault of their own,” UBCG said. 

They warned that no new business relationship or contract with clients can be concluded after 1 October without properly updated documents.

“It should be particularly noted that this situation could affect vulnerable groups, as well as clients who receive salaries, pensions, or other social benefits. Banks are required to comply with existing regulations, which could result in disruptions to services, blocked access to funds, and regulatory sanctions for non-compliance,” UBCG stated.