Regulatory Alerts2022-06-01 | 29/2022Bank of Albania Regulation 29/2022 on Strong Customer Authentication and Secure Communication Standards
The Bank of Albania’s Supervisory Council has approved a regulation mandating payment service providers to implement strong customer authentication and establish common, open, and secure communication standards for digital payments. The framework requires PSPs to deploy risk-based transaction monitoring mechanisms, utilize multi-factor authentication elements (knowledge, possession, inherence), and ensure dynamic linking of transaction amounts and payees. It outlines specific exemptions for contactless, low-value, and trusted beneficiary transactions while mandating periodic independent audits to verify compliance with fraud rate thresholds and security protocols.
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