Licensing of banks and other financial institutions, Bank of Albania strengthens rules
The Bank of Albania has decided to amend several regulations on the licensing of banks, non-bank financial entities, payment institutions and electronic money institutions, savings and loan associations, as well as the framework for the prevention of money laundering and terrorist financing. According to the announcement issued by the BoA, the approved amendments aim to further improve and strengthen the regulatory and supervisory framework, in line with international standards for effective supervision, mainly aiming at the implementation of the recommendations of Moneyval experts.
The amendments address the inclusion and clarification of the concepts of “good repute” and “beneficial owner”, the strengthening of requirements on the integrity and reputation of capital holders, including beneficial owners, as well as the inclusion of the obligation to consult the UN and European Union lists in order to prevent money laundering and terrorist financing. They also aim to clarify regulatory requirements regarding the deadlines and the right to resubmit applications for licensing, improving the requirements for the documentation necessary to assess the suitability of ownership and management structures, and regulating aspects related to changes in the capital structure of non-bank financial entities, including the purchase, sale or transfer of an influential participation, as well as the suspension or revocation of the license.
According to the BoA, the changes specifically affect these regulations:
“On the licensing and exercise of the activity of banks and branches of foreign banks in the Republic of Albania”;
“On licensing, exercise of activity, revocation of license and liquidation of loan portfolios by non-bank financial entities”;
“On the licensing of payment institutions and electronic money institutions, as well as on the registration of payment service providers”;
“On the licensing and exercise of the activity of savings and credit societies and their unions”;
"On the prevention of money laundering and the financing of terrorism".
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