Banking Act Allows for Joint Banking Register

Under the Banking Act, banks and branches of foreign banks can establish a Joint Banking Register which will facilitate the preparation, conclusion and performance of clients' trades and evidence the activities of banks and branches of foreign banks.

After the register is established, banks and branches of foreign banks will be authorized to exchange information on clients and their trades. Clients must give approval before their data can be included in the register.

Banks and branches of foreign banks will then be able to exchange data on:

• loans and bank guarantees provided to clients;
• required loans and bank guarantees that clients have requested;
• client identification;
• bank receivables and their securing from clients which were granted loans and bank guarantees;