Regulatory Alerts2006-05-03 | 32/2006Regulation 32/2006 on the Use of Information and Communication Technology in Entities Licensed by the Bank of Albania
The Supervisory Council of the Bank of Albania issued Regulation 32/2006 to establish mandatory criteria and operational standards for the Information and Communication Technology (ICT) systems of licensed banking and non-banking financial entities. The regulation requires these institutions to implement structured ICT risk analyses, establish qualitative security targets, maintain robust contingency and recovery plans for extraordinary events, and formalize agreements with external service providers. All licensed entities must fully comply with these operational and documentation requirements by January 1, 2007, while new license applicants must meet them upon initial approval.
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