Financial Crime World

Albanian Banking Association (AAB) Code of Ethics for Banks

General Principles

The Albanian Banking Association (AAB) Code of Ethics for Banks is built on three fundamental principles:

  • Fair Business Practices: Banks must conduct their business in a fair, transparent, and honest manner.
  • Client Protection: Banks must protect clients’ interests and maintain confidentiality.
  • Compliance with Regulations: Banks must comply with all relevant laws and regulations.

Client Relationships

AAB emphasizes the importance of strong client relationships through:

  • Clear Communication: Banks must clearly communicate with clients, including providing adequate education to employees.
  • Change of Terms: Clients will be notified in advance of any changes to terms and conditions governing their relationship with the bank.
  • Error Resolution: Banks must attempt to verify and correct errors in banking transactions as soon as possible.

Relations between Banks

To foster cooperation and mutual respect, AAB promotes:

  • Mutual Respect: Banks must adhere to the same regulations and principles as they do with other business subjects.
  • Non-Competitive Behavior: Banks must not engage in unfair competition or exploit weaknesses of other banks.
  • Cooperation: If a bank experiences difficulties, the industry will provide assistance to retain client trust while preserving business interests.

Bank Promotion and Advertisement

AAB encourages honest marketing practices by:

  • Truthfulness: Advertising and marketing activities must be truthful and accurate, without exaggeration or misleading information.
  • Fair Competition: Banks must ensure their advertising does not provoke public concern or make defamatory remarks about other banks’ products.

Miscellaneous

The AAB Code is publicly accessible on the AAB website and can be amended by any member of AAB, but must be unanimously accepted by all members.

By adhering to these principles, banks in Albania aim to promote fair business practices, client protection, compliance with regulations, transparency, and cooperation between banks.