Name
Global FinTech Guide
Country Name
Bosnia and Herzegovina
SectionTitle
Identification
Body
FinTechs belonging to this category provide identification services, which are required for most banking services.

Introduction

Attitude of the country towards identification services

Generally speaking, one (1) of the main obstacles for development of the market for provision of these type of services by FinTech to the licenced banks is lack of relevant legislation while the banking regulations should be modified as well, and the model of obligatory physical identification of the clients should be abandoned. 

Legal affairs

Obligations and requirements to provide identification services

There are no special legal requirements applicable to the provision of identification services by FinTech to the licensed banks in BiH. However, the market for these types of services is almost non-existent due to the identification requirement stipulated by the relevant banking regulation, under which the banks are required to request a physical presence of their clients for identification services. 

Additional comments regarding the legal situation for identification services or what FinTech’s must be aware of in this business area

N/A.

Economic conditions

Market size for identification services and biggest companies in this business area

There is no real market for these kinds of services since they cannot be provided by any other entities except licenced banks.

Additional comments regarding the economic situation for identification services or what FinTech’s must be aware of in this business area

N/A.
 

Authors

Disclaimer

© 2022, Karanovic & Partners in cooperation with local lawyers. All rights reserved by Karanovic & Partners in cooperation with local lawyers as author and the owner of the copyright in this chapter. Karanovic & Partners in cooperation with local lawyers has granted to Multilaw non-exclusive worldwide license to use and include this chapter in this guide and to sublicense Lexis Nexis, a division of RELX Inc. and its affiliates certain rights to use and distribute this guide.

The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

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