Banking system, towards European standards - BoA Draft Law/ Stricter supervision and measures against cyber attacks
The banking system in Albania is expected to face a series of important changes, aimed at strengthening financial security, protecting citizens' savings, and bringing Albanian regulations closer to European Union standards.
One of the main changes in the latest draft law of the Bank of Albania on the exercise of the activity of credit institutions and their prudential supervision is the strengthening of the role of our Central Bank in the supervision of banks. The institution will have more powers to control banks, conduct inspections and take measures against institutions that violate financial regulations.
The draft law also imposes stricter requirements on banks operating in the country. They will have to have more capital reserves, more liquidity, and clearer plans for dealing with financial crises. This is intended to avoid problems that could endanger citizens' savings or the stability of the economy.
The law also affects bank executives. Administrators and shareholders will be subject to stronger controls for their professionalism and transparency. It also provides for more detailed rules on how banks should manage risk and how they should report financial information.
Another important element is related to customer protection. Banks will have clearer obligations to inform citizens, handle complaints, and maintain banking secrecy.
The draft law also provides for procedures for cases when a bank faces financial difficulties. In these cases, liquidation methods, deposit protection and the treatment of creditors are determined, with the aim of minimizing the impact on citizens and the economy.
For the first time, the document also includes risks related to technology, cyberattacks, and environmental or social factors, requiring banks to be better prepared for modern challenges.
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