Regulatory Alerts2021-11-24 | 59/2021Bank of Albania Regulation on the Licensing of Payment and Electronic Money Institutions
The Bank of Albania issued Regulation No. 59/2021 to establish comprehensive licensing and registration frameworks for payment institutions, electronic money institutions, and exempted payment service providers. The regulation mandates minimum initial capital thresholds ranging from 2.5 million to 45 million Albanian lekë, defines strict eligibility criteria regarding shareholder reputation and ownership structures, and outlines a standardized three-month application review process. It further details operational requirements, licensing fees, license characteristics, and revocation procedures while granting the central bank authority to suspend approvals pending financial intelligence agency verification.
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