Central Bank Toughens Control on Non-bank Financial Subjects
Albanian Daily News
Published September 10, 2017
The Central Bank of Albania has approved tough measures for granting of a license for the conduct of activities by non-bank financial subjects in our country.
The Bank of Albania Supervisory Council approved today some amendments to the regulation, "On administering of risk in activity of non bank financial subjects" and some amendments to the regulation, "On granting of a license for the conduct of activities by non-bank financial subjects".
The review of the two regulations aims at improvement of the regulatory framework on granting of a license and administering risk in the activity of non bank financial subjects. The proposed amendments were necessary because of the problems found during the supervisory process and aimed to address them and at the same time make it easier for the subjects during conduct of their financial activity.
The financial subjects licensed by the Central Bank of Albania are the second-tier banks and the foreign banks, non bank financial subjects, foreign currency exchange offices, savings and loan associations and savings and credit societies.