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Banking Secrecy in Albania

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In Albania, banking secrecy is regulated by the Albanian Banking Law. Specifically, Articles 91 and 125 of the law address the obligations of banks to protect their professional secrecy.

Obligations of Banks

  • Banks have an obligation to protect their professional secrecy.
  • Administrators, employees, agents, judicial authorities, inspectors, and other employees of the Bank of Albania or other relevant institutions are bound by this obligation.

Key Aspects of Banking Secrecy in Albania

Obligations of Banks (continued)

  • Banking secrecy is regulated by Articles 91 and 125 of the Albanian Banking Law.
  • Banks must maintain confidentiality and not disclose any information about their customers or transactions without proper authorization.

Exceptions to Banking Secrecy

There are certain exceptions to banking secrecy in Albania. These include:

Disclosure for Supervision, Control, and Regulation

  • Disclosure may be required in cases where it is necessary for the performance of duties and functions related to the supervision, control, and regulation of the bank or financial institution.

Disclosure for Enforcement of Laws and Regulations

  • Disclosure may also be required in cases where it is necessary for the enforcement of laws and regulations, or for the protection of national security.

Conclusion

Overall, banking secrecy plays an important role in maintaining trust and confidence in the banking system. By regulating banking secrecy, Albania aims to strike a balance between protecting customer confidentiality and ensuring that banks can fulfill their obligations and cooperate with regulatory authorities.