Banking Secrecy in Albania: Understanding Articles 91 and 125
The Albanian Banking Law plays a crucial role in regulating banking secrecy, as outlined in articles 91 and 125. These provisions dictate the circumstances under which banks are allowed to disclose confidential information about their customers.
Article 91: Professional Duty of Confidentiality
According to Article 91, banks have a professional duty to protect their secrecy. This means that anyone who comes into contact with confidential information, including:
- Bank administrators
- Employees (both current and former)
- Agents
- Judicial authorities
- Inspectors from the Bank of Albania or other regulatory bodies
- Other employees
must maintain confidentiality.
Article 125: Protection of Banking Secrecy
Article 125 provides specific circumstances under which banking secrecy is lifted:
Disclosure of Information
Banking secrecy is lifted in the following cases:
- When a person requests information about their own account or deposit, the bank is obliged to provide this information.
- In the case of an inheritance or when the beneficiary has been appointed by the court, the bank must provide the relevant information about the deceased’s accounts and deposits to the beneficiaries.
- If the bank is sued by a third party claiming that they have a right over an account or deposit belonging to another person, then the bank can reveal the identity of the owner of such assets.
In all other cases, banking secrecy remains in force until it is lifted by court order or when the customer themselves makes a request for their information to be disclosed.