Banking Regulations Tightened in Albania to Combat Financial Crimes
New Regulations Aimed at Boosting Transparency and Accountability
TIRANA - The Bank of Albania’s Supervisory Council has adopted several key regulations to strengthen the country’s banking system and prevent financial crimes. In a move aimed at boosting transparency and accountability, the council has approved a medium-term development strategy for 2022-2024.
Key Objectives of the Strategy
- Institutional Cooperation: Increase cooperation within the institution to ensure effective collaboration among staff members.
- Resource Optimization: Promote effective use of resources to maximize efficiency and productivity.
- Public Transparency: Enhance public transparency by providing clear and accurate information about the Bank’s activities.
Budgeting for 2022-2024
The Supervisory Council has approved a budget for 2022 and a planned medium-term budget for 2023-2024. The budget is designed to support the Bank’s strategic objectives, including:
- Perfecting Monetary Policy Framework: Enhance the effectiveness of monetary policy in maintaining price stability.
- Developing Professional Capabilities: Improve the skills and knowledge of Bank staff members to ensure they are equipped to perform their duties effectively.
Regulations Aimed at Combating Financial Crimes
To combat financial crimes, the Supervisory Council has made several amendments to existing regulations. These include:
- Regulation on Transparency of Banking and Financial Products and Services: Changes have been made to mitigate risks related to new reference rates.
- Licensing Payment Institutions and Electronic Money Institutions: A new regulation has been adopted to ensure compliance with legal and regulatory requirements.
- Registering Payment Services Providers: Amendments have been made to regulations governing the registration process of payment services providers that benefit from exceptions.
Enhanced Security Requirements
The Supervisory Council has included payment institutions and electronic money institutions as entities subject to minimum security requirements regarding premises where banking and financial activities are conducted and transportation of monetary values.
Conclusion
The Bank of Albania’s efforts to strengthen its regulations come at a time when the country is working to improve its financial system and prevent financial crimes. The Supervisory Council’s actions are aimed at boosting transparency, accountability, and public trust in the banking sector.