Some of the priorities in the work of the Bank of Albania in this regard have been the following:  First, the Bank of Albania continued improvement of its supervisory and regulatory framework aiming at its approximation with EU acquis and Basel principles. Revision of regulations has been aimed at implementing the requirements on strengthening the capitalisation standards for banking activity; Second, in the same line, we have further progressed towards assessment of the equivalence of our supervisory and regulatory framework with the EU acquis. This equivalence is quite important to reduce the operation costs of the banking industry in Albania and to further prompt expansion of the banking sector and development of financial markets. In this context, we carried out an independent assessment of equivalence, pursuant to the new methodology published by EBA. This re-assessment concluded that both our regulatory framework and supervisory practices have a high convergence with the European Union standards. Based on this conclusion, we submitted our request to EBA to include Albania in their official assessment process. Third, we completed the regulatory framework on payment services. Upon the approval of the Law "On payment services", the sub-legal acts regulating the activity, supervision and management of risks for entities which provide payment services were approved in 2022. Completion of the regulatory framework enables the safe and effective functioning of electronic money institutions, by creating the premises for increasing payment services, strengthening competition in the market, and enhancing both transparency and protection of Albanian consumers.

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.