Financial Crime World

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Compliance Procedures in Banking Industry in Albania Face Greater Scrutiny

Introduction

TIRANA, ALBANIA - The banking sector in Albania is undergoing significant changes with new laws and regulations being introduced. To comply with these changing requirements, financial institutions must be more transparent, objective, and professional in their operations.

Increased Regulatory Scrutiny

Regulators in Albania are increasing their scrutiny of banks’ business models and products, intervening promptly if they identify or anticipate any problems. This heightened level of scrutiny requires financial institutions to have a robust compliance framework in place.

KPMG’s Regulatory Compliance Services

To help financial institutions navigate these challenges, KPMG has established a dedicated team of experienced regulatory professionals who can provide integrated, business-focused strategies for managing regulatory change.

Expertise and Capabilities

KPMG’s Regulatory Compliance Services are designed to assist banks in Albania in evaluating their compliance with applicable rules and regulations. Their team brings industry knowledge and regulatory capabilities to help financial institutions:

  • Enhance their ability to meet regulatory requirements and mitigate risk of failure
    • Identify areas for improvement and develop strategies to address them
    • Implement best practice solutions tailored to their specific needs
  • Optimize processes to maximize efficiencies and cost savings
    • Conduct process reviews and implement improvements
    • Develop and implement new policies and procedures
  • Provide compliance training to ensure awareness of existing and new regulatory requirements
    • Identify knowledge gaps and develop training programs to address them
    • Deliver regular training sessions to keep employees up-to-date with changing regulations
  • Assess the effectiveness of existing compliance frameworks and benchmark against established industry best practice
    • Conduct audits and reviews to identify areas for improvement
    • Develop strategies to address weaknesses and improve overall compliance

Additional Services

In addition to these key areas, KPMG’s team can help banks in Albania establish programs that satisfy regulatory requirements and evolving expectations. They can also support the development of policies, procedures, and solutions that enhance strategic and corporate decision making.

  • Implementing Sarbanes-Oxley Act requirements for SEC registrants
    • Conduct risk assessments and develop mitigation strategies
    • Develop and implement new policies and procedures
  • Establishing a strong compliance culture
    • Identify areas for improvement and develop strategies to address them
    • Deliver regular training sessions to keep employees up-to-date with changing regulations

By leveraging their industry knowledge and regulatory capabilities, KPMG’s Regulatory Compliance Services can help financial institutions in Albania navigate the complexities of regulatory change and maintain a strong compliance culture.