The Bank of Albania to monitor money laundering

The Bank of Albania to monitor money laundering
 
 The Bank of Albania is expected to strengthen the supervisory rules for banks and non-bank financial institutions to monitor partners and shareholders of banks and other financial institutions, while new control measures will be adopted and implemented for shareholders who apply for new licenses.

During its last executive meeting, as reported by the Albanian media, the Bank of Albania announced that had adopted a package of regulations to implement the recommendations of the Moneyval Expert Report on Money Laundering Prevention and Terrorism Financing.

Through these changes, a major emphasis is given by the Bank of Albania to the ongoing monitoring process of shareholders and partners of banks and non-bank financial institutions as well as executive bodies of these institutes, as well as savings and loan associations.

The package includes changes to licensing regulations and the implementation of activities by banks and branches of foreign banks in Albania, non-bank financial institutions, savings and loan associations and their unions, currency exchange offices etc. Similarly, there are changes in the regulation "on risk control in the activities of non-bank financial institutions" in terms of money laundering prevention and terrorist financing.

The approved amendments consist mainly of measures to strengthen the requirements of the Bank of Albania for financial institutions applying for a license and for entities (and shareholders) already in possession of a license during the process of an influential participative change and / or legal reorganization. During its last meeting, the Bank also adopted several acts under the Inter-Institutional Plan for measures to reduce non-performing loans.

One of the main acts adopted was the Regulation on "extra-judicial treatment of banks and debtors in financial difficulties", also known as the "Tirana approach", the drafting of which forms part of the Bank's 'Albania in the Inter-Institutional Plan. This regulation was prepared in close cooperation with World Bank experts (within the FinSAC project) and is the conclusion of a package of measures undertaken by the Bank of Albania to target non-performing loans in the country.
The Bank of Albania to monitor money laundering The Bank of Albania to monitor money laundering Thursday, July 11, 2019 Rating: 5
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