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Bank of Albania Steps Up Regulatory Compliance for Financial Institutions

The Bank of Albania has announced a series of measures aimed at ensuring regulatory compliance among financial institutions operating in the country. These efforts come amid growing concerns about the potential risks posed by non-compliance with regulatory requirements.

Supervision Key to Regulatory Compliance

At the heart of the bank’s strategy is its supervision mission and policy. The bank will work closely with licensed institutions to ensure they are meeting regulatory requirements, including those related to:

• Credit relations
• Prevention of money laundering and terrorism financing
• Interest rates and commissions

Preventing Financial Distress

The Bank of Albania has also outlined a range of measures aimed at preventing financial distress among troubled banks. These include:

• Creation of a resolution fund
• Development of contingency plans for dealing with distressed institutions

Strengthening Financial Stability

In addition to its supervisory role, the Bank of Albania is committed to promoting financial stability in Albania. To achieve this goal, the bank has outlined a range of macro-prudential policies aimed at:

• Mitigating systemic risks
• Preventing financial instability

Currency and Payments

The Bank of Albania is also responsible for issuing national currency, known as the Lek, and overseeing the country’s payment systems. The bank plays an active role in promoting the normal operation and functioning of these systems, which are critical to the overall stability of the financial system.

Conclusion

In conclusion, the Bank of Albania’s efforts to strengthen regulatory compliance among financial institutions in Albania are a crucial step towards promoting financial stability and protecting consumer interests.