Albania to exert stricter control on non-bank financial subjects

Source: Xinhua| 2017-09-07 21:36:31|Editor: Zhou Xin
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TIRANA, Sept. 7 (Xinhua) -- The non-bank financial subjects operating in Albania will be subject to a stricter control and monitoring by the country's central bank, the latter informed Thursday.

"Central Bank of Albania has approved tougher measures for the granting of a license to non-bank financial subjects who want to conduct their activities in our country," the bank said in a statement.

It further said that its supervisory council also approved some amendments to the regulation on "administering of risk in activity of non-bank financial subjects."

The review of such regulation aims at improvement of the regulatory framework on granting of a license and administering risk in the activity of non-bank financial subjects.

According to the bank experts, the proposed amendments were necessary because of the problems found during the supervisory process, while they were also aimed at making it easier for the subjects during conduct of their financial activity.

The second-tier banks and the foreign banks, non-bank financial subjects, foreign currency exchange offices, savings and loan associations as well as savings and credit societies are the financial subjects that have to obtain a license from the central bank.