Fourth, the recommendations from the Committee of Experts of CoE on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism –  5/8  BIS - Central bankers' speeches  MONEYVAL were implemented. As an integral part of the national plan in relation to Anti-Money Laundering Measures and the Financing of Terrorism, the Bank of Albania has fulfilled its responsibilities, improving the regulatory framework and strengthening the effectiveness of the oversight process. In addition, we have continued with on-site examinations on issues related to the prevention of money laundering, with a particular focus on issues related to the financing of terrorism and the implementation of international sanctions. Administrative measures have been taken on breaches which have been discovered. Fifth, the banking sector was rigorously monitored through on-site examinations and off-site analyses. Assessment of credit portfolio quality, assessment of operational risk, information technology risk, liquidity risk, governance systems risks as well as assessment of transparency with clients have been the focus of examinations. Entities which have been under monitoring - banks and non-bank financial institutions - follow a prudential approach related to risk management, and overall their activity is in compliance with the regulatory framework. Last, resolvability has been strengthened. In the capacity of Resolution Authority, the Bank of Albania has completed and communicated the resolution plans for all banks, including the resolution strategies of specific banks, the minimum requirements on financial assets needed for loss absorption and recapitalisation, as well as requirements for increasing resolvability.

Banks have progressed in terms of increasing financial capacities and the ability to provide operational continuity in resolution, while we have submitted a set of recommendations to minimise the potential impediments for implementation of the resolution plan. Along with the primary objective of preserving price stability and its role in supporting the financial stability of the country, the Bank of Albania is responsible for other activities as well, which are considerably important for the development and growth of society's welfare. I will provide a brief summary on some of these. 3. Other activities The payment systems managed by the Bank of Albania have guaranteed maximum availability and have functioned safely and effectively throughout 2022. Along with the existing payment systems in lek, in January 2022, the AIPS EURO for the settlement of the domestic euro-denominated transfers started operation for the first time, with significantly lower costs and with shorter delivery times than the previous process. It has been assessed that Albanian businesses and consumers saved around EUR 10 million from the use of this system throughout 2022. In parallel, the development of payment services infrastructure has supported the expanded use of e-payment instruments and the financial inclusion of the population. Our statistics display a growth of 18% in card payments, e-money payments and home banking payments. The use of electronic payments per capita reached 17 payments, though the objective for 2023 was 10 payments, as outlined in the Albania National Retail Payment Strategy (2018 -2023).