Banking Secrecy in Albania: Understanding the Legal Framework

In Albania, banking secrecy is a well-established concept with specific legal provisions regulating its application. This article provides an overview of the laws governing banking secrecy in the country.

Professional Obligation to Maintain Confidentiality

According to Article 91 of the Albanian Banking Law, banks are bound by a professional obligation to maintain confidentiality and protect their clients’ information. This means that:

• Banks must not disclose any confidential information about their clients to third parties without the client’s consent.
• Disclosure is only permitted in cases where such disclosure is required by law or as allowed by law.

Protection of Client Information

In addition, Article 125 of the Albanian Banking Law regulates banking secrecy further. It stipulates that:

• Bank employees and officials are obligated to maintain confidentiality regarding all matters related to the bank’s operations.
• This includes information about clients’ accounts and transactions.

By understanding these legal provisions, individuals can have confidence in the secure handling of their financial information by banks in Albania.