Regulatory Alerts2024-02-07 | 10/2024Guideline 10/2024 on Major Incident Reporting
The Bank of Albania’s Supervisory Council issued Guideline 10/2024 to standardize how payment service providers classify and report major operational or security incidents. The guideline mandates that providers assess events against defined thresholds for transaction volume, user impact, service downtime, security breaches, and economic costs, triggering major incident status when specific criteria are met. Providers must submit an initial report within four hours of classification, followed by intermediate and final updates using a standardized form, ensuring timely communication to the central bank and relevant domestic authorities.
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