On Apr. 4, 2025, EST GVT approved bill on opening/closing bank accounts conditions.
Approved bill means that banks will not be able to close bank accounts without reason.
Amendments will also ensure the possibility of card payments in the event of an emergency if there is no network connection, and if difficult to make cash payments.
A new emergency solution will also be created to ensure offline card payments in case bank's information systems do not work or there is no communication connection.
Such card payments can be made up to the limit set by the bank for essential goods.
Amendments are planned to enter into force on Jun. 1, 2025.
On Jun. 20, EST GVT issued bill on debt law act/related laws changes.
EST GVT issued Draft law on the amendment of the Debt Law Act and other related laws, under Emergency Act, Credit Institutions Act, and EST CB Reg 7 on description of payment service and cash circulation and the requirements for business continuity.
Summary
Amendments cover text changes relating to cyber incidents, failure of network and information systems, interruption of telephone, mobile, data communication services. Also covers business continuity relating to card services, disruption to ATM services, and maximum allowable time for an interruption to vital services of up to 12 hours.
Draft law on coordination on amending regulation on opening closing basic payment account (draft act amending Law of Obligations Act/related acts) is to be submitted.
Effectiveness
The law is due to enter into force on Jan. 1, 2025.
Jun. 21, 2024 Release
On Jun. 25, 2024, EST GVT release noted Ministry sent amendments for approval.
The aim of the amendments is to better ensure availability of basic payment services for people, i.e. opening a bank account and thereby making payment transactions.
Banks have obligation to open accounts, but in practice there have been problems.
Availability of basic payment service means both opening a bank account and ensuring the contract is not canceled later without a valid reason, only under specific conditions.
In future, banks will not be able to refuse to conclude a basic payment service contract or terminate it based solely on suspicion of money laundering and terrorist financing.
Possibility of offline card payments in emergency is also being created, because people mostly use bank cards for shopping and cash reserves are pretty much non-existent.
Oct. 2024 Coordination
On Oct. 22, 2024, EST GVT submitted bill's amended version to the Ministry of Justice for coordination and comments until Nov. 5, 2024; entry into force on Jun. 1, 2025.
Apr. 2025 Bill Approved
On Apr. 4, 2025, EST GVT approved bill on opening/closing bank accounts conditions.
Approved bill means that banks will not be able to close bank accounts without reason.
Amendments will also ensure the possibility of card payments in the event of an emergency if there is no network connection, and if difficult to make cash payments.
A new emergency solution will also be created to ensure offline card payments in case bank's information systems do not work or there is no communication connection.
Such card payments can be made up to the limit set by the bank for essential goods.
Amendments are planned to enter into force on Jun. 1, 2025.
Regulators
EST GVT
Entity Types
Bank; CNSM
Reference
PR, 3/4/2025; Bill 24-0668/06, PR, 10/22/2024; Lt 1.1-10.1/2913-8, 10/21/2024; PR, 6/21/2024; CP, Bill 24-0668, Lt 1.1-10.1/2913-1, 6/20/2024; Reg 7, 7/13/2018
