Compliance Procedures in Banking Industry in Albania Receive Boost from Bank of Albania

Central Bank’s Commitment to Promoting Normal Functioning of Payment Systems

TIRANA, ALBANIA - The Bank of Albania has reiterated its commitment to promoting and supporting the normal functioning of payment systems in the country. As outlined in the Law on the Bank of Albania, the central bank is taking steps to ensure compliance with banking regulations.

Guidelines and Bylaws for Electronic Payment Systems

In a move aimed at ensuring compliance with banking regulations, the central bank has issued a series of guidelines and bylaws that outline the procedures for banks and branches of foreign banks to participate in electronic payment systems. The laws also set out clear rules on licensing, regulation, and inspection based on the liberalization of the payment systems market.

Key Provisions of the Law

• Banks and branches of foreign banks have the right to participate in electronic payment systems.
• The central bank oversees payment systems directly or through agencies or interbank entities established for this purpose.
• Operators, participants, and indirect participants are required to furnish the Bank of Albania with accounts, books, documents, and other records as necessary.

Enhancing Public Confidence in Banking Sector

The implementation of these guidelines and bylaws is expected to promote a stable and secure financial system in Albania. The Bank of Albania’s efforts are aimed at ensuring that banks and payment systems operate within the framework of applicable laws and regulations.