Regulation 31/2007 on Licensing, Organisation, Activity and Supervision of Foreign Exchange Bureaus

REPUBLIC OF ALBANIA
BANK OF ALBANIA
SUPERVISORY COUNCIL
REGULATION
“ON THE LICENSING, ORGANIZATION, ACTIVITY AND SUPERVISION OF FOREIGN EXCHANGE BUREAUS” ______________________________________________________________________ (Approved by decision no.31, dated 06.06.2007 of the Supervisory Council of the Bank of Albania, amended by decision no. 73, dated 27.11.2007, by decision no. 82, dated 14.12.2011, by decision no. 31, dated 30.04.2014, by decision no. 48, dated 30.03.2016, by decision no. 49, dated 3.7.2019 and by decision no. 42, dated 3.9.2025 of the Supervisory Council of the Bank of Albania)
Chapter I
General Provisions
Article 1
Purpose
The purpose of this Regulation is to set out the criteria and rules for the licensing, organization, activity and supervision of foreign exchange bureaus.
Article 2
Legal basis
This Regulation is issued according to and pursuant to:
a) Article 1, paragraph 4, letter “b”, article 12 letter “b”, article 43, letter “c” and article 61, letter “b” of the Law No. 8269 dated 23.12.1997 “On the Bank of Albania”, amended; b) Article 126 of the Law No. 9662, dated 18.12.2006 “On Banks in the Republic of Albania”; c) 1Law no. 9917, dated 19.05.2008 “On the prevention of money laundering and terrorism financing”, as amended.

1 Added upon the Supervisory Council decision no. 49, dated 3.7.2019.

Article 3
Definitions
For the purpose of this Regulation, the terms used shall have the same meaning as in
Article 4 of the Law “On Banks in the Republic of Albania”, 2as amended, and Law no.
9917, dated 19.05.2008 “On the prevention of money laundering and terrorism financing”, as amended, while the following terms shall have these meanings:
a) “foreign currency” – shall mean the financial assets in the form of foreign notes and coins, having legal tender. b) 3 “foreign exchange activity” – shall mean the purchasing and selling foreign currency in cash, or through bank accounts or payment accounts. c) “entity” – shall mean the legal person who applies and is licensed to carry out the activity of foreign exchange bureau, as defined in this Regulation. d) “bureau” – shall mean the location where the foreign exchange bureau conducts its activity. e) “identification data” for an entity shall mean:

the commercial name;
4
the unique identification number of the entity (NUIS);
the address of the headquarter 5and address of offices where it conducts the
activity/activities, including the electronic address/addresses;
the scope of its commercial activity established in the registration certificate of the
entity6
;
the names of the cambists;
the first name, last name and the signature of the administrator of the bureau; and
7
the names of the shareholders or partners and beneficiary owners. f) “receipt” – shall mean the document issued by the foreign exchange bureau for any foreign exchange transactions, which includes

The currency;
The amount and the exchange rate;
The exchanged amount;
The commission 8
if applicable;
The bureau’s name, address and fiscal code; and
The document’s ordinal number.
g) “foreign currency balance sheet” – shall mean the document which includes the daily data on all transactions carried out, according to the information in the receipt. i) “exchange rate” – shall mean the relative value at which one currency is converted into another at a given date.

2 Added upon the Supervisory Council decision no. 49, dated 3.7.2019. 3 Amended upon the Supervisory Council decision no. 42, dated 3.9.2025. 4 Amended upon the Supervisory Council decision no. 42, dated 3.9.2025. 5 Added upon the Supervisory Council decision no.31, dated 30.04.2014. 6 Amended upon the Supervisory Council decision no. 73, dated 27.11.2007. 7 Added upon the Supervisory Council decision no.31, dated 30.04.2014 and amended upon the Supervisory Council decision no. 42, dated 3.9.2025. 8 Added upon the Supervisory Council decision no.31, dated 30.04.2014.

j) 9 repealed. k) “cambist” – shall mean the person who is authorized by the Bank of Albania to conduct the foreign exchange business on behalf and for the account of the foreign exchange bureau in the bureau’s locations. l) “Bank” – shall mean the Bank of Albania. m) 10“bearer shares” - are shares of a legal person, whose ownership is transferred to the person that owns or holds the certificate/document of the bearer shares without the need of an agreement/contract for transferring the ownership of these shares; n) 11“nominee shareholder” - is the registered shareholder of a legal person that holds shares on the current shareholder’s behalf (beneficiary owner), according to an agreement. o) 12 “beneficiary owner” - shall have the same meaning as stipulated in paragraph 1 of article 3 of the law no. 112, dated 29.7.2020 “For the register of beneficiary owners”, as amended, regardless of the level of ownership held in shares/capital quotas or ownership interests in an entity. p) 13 “payment account” – has the same meaning as stipulated in the article 5, paragraph 21 of the law no. 55/2020 “On payment services”. q) 14 “internal audit unit” - is a specific administrative unit of the entity, independent of the activities, structures and individuals that it reviews or oversees, that reports to the partner/shareholder or the governing bodies of the entity.
Article 4
The licensing of the foreign exchange activity The entity is licensed to conduct the foreign exchange activity by the Bank according to the provisions of this Regulation.
Article 515
Repealed
Chapter II
The licensing of the entity16
Article 617
Requirements relating to documentation

9 Repealed upon the Supervisory Council decision no.48, dated 30.03.2016. 10 Added upon the Supervisory Council decision no. 49, dated 3.7.2019. 11 Added upon the Supervisory Council decision no. 49, dated 3.7.2019. 12 Added upon the Supervisory Council decision no. 42, dated 3.9.2025. 13 Added upon the Supervisory Council decision no. 42, dated 3.9.2025. 14 Added upon the Supervisory Council decision no. 42, dated 3.9.2025. 15 Repealed upon the Supervisory Council decision no.48, dated 30.03.2016. 16 Amended upon the Supervisory Council decision no.48, dated 30.03.2016. 17 Letter “f” becomes “g” because letter “g” of this article of the regulation is abolished as amended by decision of the Supervision Council of the Bank of Albania no.73, dated 27.11.2007.

The application to acquire a license shall be submitted in written to the Bank by the
administrator of the entity or the legally authorized person. It shall be accompanied by the identification data set in Annex 1 of this Regulation and by the following:
a) Extract taken from the Commercial Registry issued by the 18National Business Center, for the registration of the business entity as legal person, where it is stated that the foreign exchange activity is the object of the business entity’s activity19 . b) Confirmations issued by the competent authorities of the territorial jurisdiction for the shareholders or partners, 20beneficiary owners, the administrator or cambists, which confirm the following legal facts:
i. The person is not under criminal investigation;
ii. The person is not under criminal investigation by the court;
iii. Confirmation by the Ministry of Justice that the person is not convicted21;
iv. Confirmation by the Court Enforcement Office that the person does not
have any unsettled liabilities. b/1) 22Personal statement of the shareholders/partners, beneficiary owners and the administrator23 , declaring any possible family relations or close personal, working or business relationship, in accordance with legal stipulations, with persons with criminal convictions by a final court decision (in accordance with Annex No. 9 of this Regulation); The above documents shall be issued not more than 3 (three) months prior to the submission to acquire a license. b/2) 24 The documentation relating to the initial capital and its source:
i. a notarized declaration of shareholders/partners certifying that the source of
the initial paid-in capital of the entity is not a loan, credit or money paid in advance from third parties,
ii. a notarized declaration of shareholders/partners on the source of creation of
the initial paid-in capital as well as any increase to the capital during the course of the activity, accompanied by the following documentation:

for legal persons:
evidence of the source of the creation of funds submitted in a legally acceptable form (authorized auditor’s report, annual accounting balance, gifts or other sources designated for purchasing shares/capital quotas of the entity and the certificate by competent authorities providing data on the balance sheet of the company and compliance with taxation duties (for foreign legal persons – legally equivalent acts according to the foreign legislation/jurisdiction);

18 Amended upon the Supervisory Council decision no. 42, dated 3.9.2025. 19 Amended upon the Supervisory Council decision no. 82, dated 14.12.2011. 20 Added upon the Supervisory Council decision no. 42, dated 3.9.2025. 21 Amended upon the Supervisory Council decision no. 82, dated 14.12.2011 and upon the Supervisory Council decision no. 42, dated 3.9.2025. 22 Added upon the Supervisory Council decision no. 49, dated 3.7.2019. 23 Amended upon the Supervisory Council decision no. 42, dated 3.9.2025. 24 Added upon the Supervisory Council decision no. 42, dated 3.9.2025.

for individuals or natural persons:
evidence of the source of funds, presented in a legally acceptable form (purchase or sale, gifts, wages, monetary deposits in banks or other evidence) and a certificate of the competent authorities affirming compliance with taxation duties. c) 25 Notarized copies of the identification document of the administrator, cambists, shareholders or partners and beneficiary owners. d) 26Repealed. e) 2 (two) photographs of each cambist of the entity, which are used by the Bank for their identification cards. f) The document which confirms the education level of the administrator (27University diploma). g) Confirmation from the bank or the branch of a foreign bank licensed by the Bank that the entity has frozen the amount of the required capital as stipulated in Article 8, paragraph 1 in an account held with it. This amount is defrozen upon the notification of the Bank, at the end of the licensing procedure. h) the declaration signed by the legal person’s administrator, accordingly to Annex no. 5 of this Regulation, on the acknowledgment and implementation of the legal and by-law obligations to carry out the foreign exchange activity28 . i) Information on the needed technical/administrative equipment that the bureau has in place to conduct the foreign exchange activity, as listed in Annex no. 6 attached thereto this Regulation29 . j) Information on the premises and conditions to conduct the foreign exchange activity, in compliance with the by-laws issued by the Bank of Albania for this purpose. The 30documentation required according to this letter shall contain at least the information on the premises and security conditions laid down in Annex no. 7 attached to this Regulation31 . k) 32 The form provided for in Annex no. 10 of this regulation, for registration in the Electronic Regulatory Reporting System (ERRS), for the purposes of reporting foreign exchange transactions pursuant to article 19, paragraph 1 of this regulation.

The documentation referred to in paragraph 1 of this Article shall be in the Albanian
language, in the original copy or in 33notarized/legalized copy. It shall be submitted to the Bank in a closed envelope or sent by registered mail.
Article 734
Repealed

25 Amended upon the Supervisory Council decision no. 42, dated 3.9.2025. 26 Repealed upon the Supervisory Council decision no. 42, dated 3.9.2025. 27 Amended upon the Supervisory Council decision no. 49, dated 3.7.2019. 28 Amended upon the Supervisory Council decision no. 82, dated 14.12.2011. 29 Amended upon the Supervisory Council decision no. 82, dated 14.12.2011. 30 Amended upon the Supervisory Council decision no. 42, dated 3.9.2025. 31 Amended upon the Supervisory Council decision no.31, dated 30.04.2014. 32 Added upon the Supervisory Council decision no. 42, dated 3.9.2025. 33 Amended upon the Supervisory Council decision no. 42, dated 3.9.2025. 34 Repealed upon the Supervisory Council decision no.48, dated 30.03.2016.

Article 8
Capital requirements

The minimum initial capital required for the purposes of obtaining a license from the
Bank to carry out the foreign exchange activity shall be 35ALL 5,000,000 or its counter value in American dollars (USD) or in European currency (EUR).
Repealed.36
37The capital laid down in paragraph 1 of this Article, is deposited to a bank account,
in accordance with the official exchange rate of the Bank of Albania at the depositing day. 38In any case, if during the licensing process the equivalent amount in ALL is not met as a result of exchange rate fluctuations, the Bank of Albania may request the replenishment of the deposited amount of capital, as stipulated in the paragraph 1 of this article.
39 Each payment of initial minimum paid-in capital, any later increase and any change
in the capital structure shall be accompanied with the submission to the Bank of Albania of the information on the source of the capital, according to the documentation laid down in letter "b/2” of paragraph 1, article 6 of this regulation.
40 The Bank of Albania has the right to request clarifications and carry out further
verifications related to the source of creation of contributions/funds that shall serve as a minimum initial capital or as a future increase of it.
Article 9
The examination of the application to acquire a license
In the event the Bank notices that the application to acquire a license and the
submitted documentation is incomplete and it is not according to the requirements of
Article 6 of this regulation, it shall notify the entity within 7 (seven) business days from
the day the documentation is submitted, in order for the entity to complete the missing documentation.
The entity shall submit the information and/or the documentation required by the
Bank41 within 14 (fourteen) business days from the notification day, according to paragraph 1 of this Article.
The Bank shall terminate the examination procedure of the application to acquire a
license, in the event the entity fails to provide the information and/or the documentation required to obtain a license within 3 (three) months from the initial application data to acquire a license, according to paragraph 1 of this Article and shall notify the entity thereof. 42The subject has the right to reapply for licensing, by submitting new

35 Amended upon the Supervisory Council decision no. 49, dated 3.7.2019 and decision no. 42, dated 3.9.2025. 36 Repealed upon the Supervisory Council decision no.48, dated 30.03.2016. 37 Amended upon the Supervisory Council decision no.48, dated 30.03.2016. 38Added upon the Supervisory Council decision no. 42, dated 3.9.2025. 39 Added upon the Supervisory Council decision no. 42, dated 3.9.2025. 40Added upon the Supervisory Council decision no. 42, dated 3.9.2025. 41 Amended upon the Supervisory Council decision no. 73, dated 27.11.2007. 42 Added upon the Supervisory Council decision no. 42, dated 3.9.2025.

documentation. The right to resubmit a licensing application cannot be exercised more than once, except in cases where the failure to comply with the time limit provided for in this paragraph has occurred due to major reasons.
4. 43After the complete documentation is submitted, in accordance with the requirements
in Articles 644, the Bank shall inspect the premise where the foreign exchange activity is to be carried out, in order to confirm the meeting security conditions for carrying out this activity, pursuant to the by-laws issued by the Bank for this purpose.
5. 45The Bank of Albania, to carry out the assessments defined in this Article, in addition
to reviewing the submitted documentation, shall cooperate with and request information from homologous supervisory authorities and institutions specialised in the fight against economic crime and organized crime and in anti-money laundering, the Financial Supervision Authority, the Competition Authority, 46the Financial Intelligence Agency, the General Directorate of Police, the Directorate of Taxes, etc. 5/1. 47The Bank of Albania, when assessing the fulfillment of the suitability and integrity criteria of shareholders/partners, beneficiary owners, administrator and cambists, checks the UN sanctions lists and EU sanctions lists, the UN press releases, as well as the integrated lists of announced persons.
6. 48Where the Bank of Albania concludes, or is reasonably suspicious of the capital
structure or of its source being associated to persons with criminal convictions by a final court decision, who have family relations or close personal, working or business relationship, in accordance with legal stipulations, 49with shareholders/partners and beneficiary owners, or is related to tax havens or offshores companies, it notifies and requires from the 50Financial Intelligence Agency, whether it has information regarding 51the shareholders/partners and beneficiary owners, and it shall suspend the procedure on granting the license up to a response from the latter.
7. 52The Bank of Albania assesses the suitability, good reputation and integrity of the
shareholder/partner, beneficial owner and administrator of the entity at the time of licensing, as well as whenever there are changes in the composition of the ownership structure and management bodies during the exercise of the activity.
8. 53For the purposes of this regulation, a person of “good repute” is considered a
shareholder/partner, beneficiary owner and administrator of the subject, who is characterized by professional ethics and moral and financial integrity, as well as by compliance with the legal and regulatory framework. The shareholder/partner, beneficiary owner or administrator will be considered to have a good reputation if they meet the following criteria:
a) is not under criminal investigation;

43 Amended upon the Supervisory Council decision no. 82, dated 14.12.2011. 44 Amended upon the Supervisory Council decision no.48, dated 30.03.2016. 45 Added upon the Supervisory Council decision no. 49, dated 3.7.2019. 46 Added upon the Supervisory Council decision no. 42, dated 3.9.2025. 47 Added upon the Supervisory Council decision no. 42, dated 3.9.2025. 48 Added upon the Supervisory Council decision no. 49, dated 3.7.2019. 49 Amended upon the Supervisory Council decision no. 42, dated 3.9.2025. 50 Amended upon the Supervisory Council decision no. 42, dated 3.9.2025. 51 Amended upon the Supervisory Council decision no. 42, dated 3.9.2025. 52 Added upon the Supervisory Council decision no. 42, dated 3.9.2025. 53 Added upon the Supervisory Council decision no. 42, dated 3.9.2025.

b) is not standing trial for criminal offense/s; c) has not been convicted by a court for committing a criminal offence; d) has no unsettled liabilities; e) is not included in the lists of international sanctions.
Article 10
License

The Bank shall, within 30 (thirty) calendar days from the date the entity has met the
requirements referred to in Article 654, Article 8 and Article 9, paragraph 4 of this Regulation, grant or refuse the approval for license. 1/1. 55In addition to the stipulations in paragraph 1 of this Article, the Bank of Albania shall refuse granting the license even when the following criteria are met:
a) when confirmed that:
i. the capital structure of the entity to be licensed or its capital source is
associated to persons with criminal convictions by a final court decision; i/i. 56the shareholder/partner, beneficiary owner and the administrator of the entity is not of a good repute;
ii. the shareholder/partner,
57beneficiary owner of the entity holds bearer shares or is a nominee shareholder;
iii. 58the shareholder/partner, beneficiary owner of the entity represents high risk,
based on the evaluations of the Bank of Albania;
iv. 59the shareholder/partner, the beneficiary owner of the entity has been part of
the ownership structure of a foreign exchange bureau or other financial institution, against which the measure of license revocation has been imposed by the Bank of Albania; b) at any event where granting the license would infringe the public interest.
The Bank shall, within 3 (three) business days from the date the decision was taken
according to paragraph 1 of this Article, grant the license to the entity or notify the entity of the refusal in writing, and shall provide the reasons for such a decision.
The license is perpetual, non-transferable and not tradable.
The entity may exercise its activity in one60 or more locations, for which the Bank shall
issue only one license.

54 Amended upon the Supervisory Council decision no.48, dated 30.03.2016. 55 Added upon the Supervisory Council decision no. 49, dated 3.7.2019. 56 Added upon the Supervisory Council decision no. 42, dated 3.9.2025. 57 Added upon the Supervisory Council decision no. 42, dated 3.9.2025. 58 Amended upon the Supervisory Council decision no. 42, dated 3.9.2025. 59 Added upon the Supervisory Council decision no. 42, dated 3.9.2025. 60 Amended upon the Supervisory Council decision no. 73, dated 27.11.2007.

The license shall include the commercial name of the entity, the number and the date
of its issue.
The license shall be accompanied by the identification card of each cambist of the
entity, which authorizes the carrying out of the foreign exchange activity on behalf and for the account of the entity.
Article 1161
Repealed
Article 12
Commissions
62The entity shall pay to the Bank the following commissions for the purposes of
carrying out the foreign exchange activity for:
a. Granting of the license the amount of ALL 633,000 (three thousand), and b. For each identification card of the cambists the amount of ALL 641,000 (one thousand).
65The account details where the commissions provided for in paragraph 1 of this article
are paid, are as follows:
Beneficiary: Bank of Albania
BIC: STANALTR
IBAN: AL68 1011 1008 0000 0000 2222 222L
Chapter III
The organization and activity of foreign exchange bureaus
Article 13
Organization
The entity is established and functions as a commercial company according to the Law “On commercial companies”.
Article 14
The foreign exchange activity66
The foreign exchange activity in premises shall be exercised only by the authorized
cambists, who are identified by the card issued by the Bank.

61 Repealed upon the Supervisory Council decision no.48, dated 30.03.2016. 62 Numbered upon the Supervisory Council decision no. 42, dated 3.9.2025. 63 Amended upon the Supervisory Council decision no. 42, dated 3.9.2025. 64 Amended upon the Supervisory Council decision no. 42, dated 3.9.2025. 65 Added upon the Supervisory Council decision no. 42, dated 3.9.2025. 66 Amended upon the Supervisory Council decision no.48, dated 30.03.2016.

Repealed.67
Repealed.68
Repealed.69
Article 15
Requirements during the conduct of activity
The entity licensed to conduct the activities set out in Article 14 of this Regulation
shall:
a) Organize and keep the accounting as specified in the Law “On accounting and financial statements”; b) Keep cash books for each currency; c) Keep the foreign currency balance; and d) Shall calculate the foreign exchange foreign position as of end day.
The information stipulated in paragraph 1 of this Article shall be maintained in
compliance with the terms and conditions defined by the Law “On accounting and financial statements”.
70The licensed entity, during the exercise of its foreign exchange activity:
a) does not hold cash (monetary values) in the cash register on a daily basis, that exceed the limits set out in article 59/2, paragraph 5 of the law "On tax procedures", regarding the cash limit, or according to any subsequent amendments to this legislation; b) does not carry out cash transactions that exceed the amount of 2,500,000 (two million five hundred thousand) ALL or its equivalent in other foreign currencies, whether carried out as a single transaction or as several transactions related to each other. Transactions that exceed the amount of 2,500,000 (two million five hundred thousand) ALL or its equivalent in other foreign currencies shall be carried out through the bank accounts or payment accounts of the entity and the client.
71The entity, in accordance with the nature, size, complexity of its activity, and its risk
profile, may establish an internal control unit. The establishment of the internal control unit is made by decision of the entity’s governing bodies, where the composition, competencies, and operating rules of this unit are clearly defined.

67 Repealed upon the Supervisory Council decision no. 42, dated 3.9.2025. 68 Amended upon the Supervisory Council decision no.48, dated 30.03.2016. 69 Amended upon the Supervisory Council decision no.48, dated 30.03.2016. 70 Added upon the Supervisory Council decision no. 42, dated 3.9.2025. 71 Added upon the Supervisory Council decision no. 42, dated 3.9.2025.

Article 16
Transparency
In carrying out the activities stipulated in Article 14, the entity 72shall ensure transparency to the client by:
a) displaying the license granted by the bank in a visible place in its premise/premises; b) displaying the exchange rates it uses for the activity of foreign exchange and commissions (if applicable)73 in a visible place in its premise/premises; c) repealed74; d) provide a receipt to the clients on every foreign exchange transaction and by keeping a copy of this receipt75 . e) 76informing the client prior to the transaction, in the event of commissions’ application, through the “Declaration on being informed priory about the applied commission”, set forth in Annex no. 8 attached to this Regulation. The entity shall retain the Declaration, not less than one month after its signature by the client.
Article 17
Prevention of money laundering and financing of terrorism The entity shall, in carrying out the activities set out in this Regulation, act in compliance with the effective legal and sub-legal provisions in the area of money laundering and financing of terrorism, in particular with relation to77:
a) the identification of the client accordingly to the documentation required by the applicable legal acts and bylaws78; b) the protection of the data on the client and on the transactions made, according to the required terms; c) reporting to the relevant authorities, for suspected transactions and for transactions the amount of which exceeds the limit set by the Law “On the prevention of money laundering”.
Chapter V
Supervision
Article 18
Exercise of the power to supervise

The Bank shall exercise its power to supervise the activity of licensed entities in
compliance with the provisions of this Regulation through:

72 Amended upon the Supervisory Council decision no. 49, dated 3.7.2019. 73 Added upon the Supervisory Council decision no.31, dated 30.04.2014. 74 Repealed upon the Supervisory Council decision no.48, dated 30.03.2016. 75 Amended upon the Supervisory Council decision no.48, dated 30.03.2016. 76 Added upon the Supervisory Council decision no.31, dated 30.04.2014. 77 Amended upon the Supervisory Council decision no. 82, dated 14.12.2011. 78 Amended upon the Supervisory Council decision no. 82, dated 14.12.2011.

a) on-site inspections; b) the collection of financial data on the activities carried out by the entities; c) the imposition of penalizing measures, in compliance with the provisions of this Regulation.
2. The on-site inspections referred to paragraph 1, letter “a” of this Article are carried out
for the purpose of assessing the compliance of the activity conducted by the entity with the legal and sub-legal provisions in force and with the provisions of this Regulation during the licensing and the conduct of activity to the revocation of the license. At the end of each inspection, the Supervision Department prepares the inspection report, which is submitted to the entity, accompanied by the recommendations and/or the proposed penalizing measures.
3. The collection of financial data on the activity carried out by the entity is made
whenever needed by the Bank of Albania.
4. In the event of breaches of the effective legal and sub-legal provisions by the entity,
the Bank imposes the penalizing measures set out in the provisions of this Regulation.
Article 19
Reporting

79The entity shall report to the Bank of Albania on the foreign exchange operations, in
accordance with the requirements and deadlines set out in the Guideline no. 3, dated 22.12.2021, “On the reporting of foreign exchange operations,” approved by the Supervisory Council of the Bank of Albania. In cases where the entity operates in two or more offices, the information is reported on a consolidated basis for all offices, in a single report.
Repealed.80
Repealed.81
Repealed.82
4/1. 83Entities report to the Supervision Department, every year, within January, the following information/documentation:
a) 84certification issued by the Ministry of Justice that the shareholder/partner, beneficiary owner and the administrator has not criminal convictions (document shall be issued not further than 3 (three) months from its submission date);

79 Amended upon the Supervisory Council decision no. 42, dated 3.9.2025. 80 Repealed upon the Supervisory Council decision no. 42, dated 3.9.2025. 81 Repealed upon the Supervisory Council decision no. 42, dated 3.9.2025. 82 Repealed upon the Supervisory Council decision no. 42, dated 3.9.2025. 83 Added upon the Supervisory Council decision no. 49, dated 3.7.2019. 84 Amended upon the Supervisory Council decision no. 42, dated 3.9.2025.

b) personal statement of the shareholder/partner, 85beneficiary owner and administrator on possible family relation or close personal, working or business relationship in accordance with legal stipulations, with persons with criminal convictions by a final court decision (in accordance with Annex no.9 of this Regulation); c) personal statement of the administrator, certifying that the entity continues to fulfill the conditions on which it has been licensed. In addition to the requirements in this paragraph, the Bank of Albania has the right to request additional information throughout the assessment process of this documentation.
5. 86The reporting to the Bank according to paragraph 4/1 of this Article shall be made
electronically or by mail.
Article 20
Penalizing measures

When the Bank notices that the entity is in breach of the provisions of this Regulation,
it shall impose penalizing measures according to the provisions of this Regulation.
The Bank shall fine the entity and/or its administrator at the amount of ALL 20,000
(twenty thousand) to ALL 100,000 (one hundred thousand), when noticing that:
a) repealed;87 b) the entity’s staff are not authorized as cambists by the Bank of Albania; c) the entity do not display the license on the conduction of foreign exchange activity88; d) the entity’s cambists do not issue the respective receipt on the foreign exchange transactions89; e) the entity does not meet the requirements for carrying out the activity with relation to technical and security conditions pursuant to the Bank of Albania by-laws; f) the entity does not operate in accordance with the laws and by-laws on money laundering prevention and on the fight against financing of terrorism; g) the entity does not report to the Bank of Albania in compliance with the requirements of Article 19 of this Regulation; h) without prior notification to the Bank, the entity has changed its data, on the basis of which it was granted the license by the Bank, and has not informed the Bank of Albania on these changes; i) 90the entity does not inform the client through the “Declaration on the prior information about the applied commission", in accordance with letter “e” of Article 16 of this Regulation;

85 Added upon the Supervisory Council decision no. 42, dated 3.9.2025. 86 Amended upon the Supervisory Council decision no. 42, dated 3.9.2025. 87 Repealed upon the Supervisory Council decision no. 42, dated 3.9.2025. 88 Amended upon the Supervisory Council decision no.48, dated 30.03.2016. 89 Amended upon the Supervisory Council decision no.48, dated 30.03.2016. 90 Added upon the Supervisory Council decision no.31, dated 30.04.2014.

j) 91the cambist will conduct the foreign exchange activity out of the premises of the foreign exchange bureau. k) 92the entity does not comply with the restrictions set out in Article 15, paragraph 3 of this regulation; l) 93the entity has not notified the Bank of Albania about the suspension of activities for a period of 1 to 3 months, as provided in Article 24, paragraph 2 of this regulation.
3. The fines stipulated in paragraph 2 of this Article shall be paid to the Bank’s account.
Article 21
Suspension and revocation of the license

94The Bank of Albania shall suspend the license to the entity in case that investigations
begin or criminal proceedings are initiated against the partner/shareholder or administrator, until a decision is made to dismiss the proceedings, drop the charges or the final court decision is issued.
The Bank shall revoke the license to the entity, in case the latter:
a) repeatedly breaches the stipulations of Article 20, paragraph 2 of this Regulation; b) is involved in activities of money laundering and financing of terrorism; c) has submitted false documentation during the licensing application procedure95 96or throughout the reporting process to the Bank of Albania; d) has lost the conditions under which it was licensed; e) carries out other financial activities without a license granted by the Bank of Albania97; f) does not pay the penalty imposed by the Bank pursuant to paragraph 2, Article 20 of this Regulation; g) does not commence the activity within 45 (forty-five) calendar days from the granting of the license; h) 98interrupts the activity for more than 3 months; i) interrupts the activity at its own initiative 99and requests the revocation of the licence. 2/1. 100The decision to suspend or revoke the license is communicated in writing to the entity, providing the relevant reasons.

91 Added upon the Supervisory Council decision no.31, dated 30.04.2014. 92 Added upon the Supervisory Council decision no. 42, dated 3.9.2025. 93 Added upon the Supervisory Council decision no. 42, dated 3.9.2025. 94 Amended upon the Supervisory Council decision no. 42, dated 3.9.2025. 95 Amended upon the Supervisory Council decision no.48, dated 30.03.2016. 96 Added upon the Supervisory Council decision, no. 49, dated 3.7.2019. 97 Amended upon the Supervisory Council decision no.48, dated 30.03.2016. 98 Amended upon the Supervisory Council decision no. 42, dated 3.9.2025. 99 Added upon the Supervisory Council decision no. 42, dated 3.9.2025. 100 Added upon the Supervisory Council decision no. 42, dated 3.9.2025.

2/2. 101The decision of suspension or revocation takes effect on the date determined by the Bank of Albania. 2/3. 102 The entity is prohibited from carrying out foreign exchange activities after the entry into force of the Bank of Albania's decision to suspend or revoke the license.
3. In the case of revocation of the license, the entity submits to the Bank, the license and
the identity cards of the cambists.
4. 103The entity against which the license revocation measure has been imposed by the
Bank of Albania may not reapply for licensing.
Article 22
Procedure for imposing penalizing measures

104The Bank shall hear the entity in accordance with the requirements of Article 92 of
the law “On banks in the Republic of Albania”, before imposing penalizing measures and the suspension or revocation of the license.
Repealed.105
Article 23
Administrative and judiciary appeal
The entity has the right to submit an appeal against any administrative act of the Bank, in accordance with the conditions and procedures stipulated under Article 93 of the Law “On banks in the Republic of Albania”.
Article 24
Obligation for notification
106While carrying out its activity, the entity shall notify the Bank:
a. immediately in case of changes of cambists, and shall request the provision of identity cards to the new cambists, after delivering the identity cards of the cambists that have left; b. within 14 (fourteen) calendar days, of any changes in the identification data, specified in Article 3, letter “e”107, as well as in the documentation of the entity, stipulated in
Article 6, paragraph 1, 108of this Regulation.

101 Added upon the Supervisory Council decision no. 42, dated 3.9.2025. 102 Added upon the Supervisory Council decision no. 42, dated 3.9.2025. 103 Added upon the Supervisory Council decision no. 42, dated 3.9.2025. 104 Amended upon the Supervisory Council decision no. 42, dated 3.9.2025. 105 Repealed upon the Supervisory Council decision no. 42, dated 3.9.2025. 106 Numbered upon the Supervisory Council decision no. 42, dated 3.9.2025. 107 Amended upon the Supervisory Council decision no. 73, dated 27.11.2007. 108 Amended upon the Supervisory Council decision no.31, dated 30.04.2014.

109The entity shall notify the Bank of Albania in case of suspension of its foreign
exchange activity for a period of time from 1 to 3 months, also stating the relevant reasons for this suspension.
110The Bank of Albania shall suspend the procedures for reviewing and evaluating the
documentation submitted for the notifications provided for in paragraph 1 of this article, if the data and/or documentation required under this regulation is not completed by the entity within 3 (three) months after the date of submission of this notification. In case of interruption of the procedure for reviewing the documentation, the Bank of Albania shall notify the entity in writing. The entity has the right to request the resumption of the procedure for reviewing the notification. The right to submit the documentation for the resumption of the procedure cannot be exercised more than once, except in cases where the failure to comply with the time limit provided for in this paragraph has occurred due to major reasons.
111The Bank of Albania may, on a case-by-case basis, request additional documents
or information, if it deems it necessary, in addition to what is provided for in this article.
Chapter VI
Article 25
Transitory provision
The entities licensed by the Bank, before the entry into force of this Regulation, shall
be regarded as licensed in compliance with the provisions of this Regulation. The Bank has the right to request additional information from the licensed entities, in case it deems that the information submitted at the time of obtaining the license does not comply with the requirements of this Regulation112 .
Article 26
Final provisions
The Regulation “On licensing foreign exchange bureaus” adopted upon Decision No.
65, dated 30.07.2003 of the Bank of Albania Supervisory Council shall be abrogated.
The Regulation “On licensing, organization, activity and supervision of foreign
exchange bureaus” shall enter into force upon its publication in the Official Gazette of the Republic of Albania. CHAIRMAN OF THE SUPERVISORY COUNCIL ARDIAN FULLANI

109 Added upon the Supervisory Council decision no. 42, dated 3.9.2025. 110 Added upon the Supervisory Council decision no. 42, dated 3.9.2025. 111 Added upon the Supervisory Council decision no. 42, dated 3.9.2025. 112 Amended upon the Supervisory Council decision no. 82, dated 14.12.2011.

ANNEX NO. 1
APPLICATION FORM
For obtaining a license for carrying out the Foreign Exchange Bureau activity

Full name of 113the company applying to obtain a license.

Headquarter of the company.

Person/Persons who represent the Foreign Exchange Bureau according to the registration at
the 114National Business Center.
Mr. / Ms. __________________________________________ Mr. / Ms. _______________________________________etc.
Name of Foreign Exchange Bureau.

115The unique identification number of the entity (NUIS).

Bank accounts opened in banks in Albania (name of bank; currency, account number).
1.___________________________________________ 2._________________________________________etc.
Full address of the location where the activity of Foreign Exchange will be carried out.

The telephone number116 of the Foreign Exchange Bureau and the contact persons.

Name/s of person/s who will carry out the foreign exchange activity 117(cambists).
Mr. / Ms. ______________________________________ Mr. / Ms. ____________________________________etc.
Electronic address/addresses of the foreign exchange bureau118
.
119___________________________________________________________________________ Date: _________________ Applicant: _____________________ (name, surname, signature, stamp)

113 Amended upon the Supervisory Council decision no. 42, dated 3.9.2025. 114 Amended upon the Supervisory Council decision no. 42, dated 3.9.2025. 115 Amended upon the Supervisory Council decision no. 42, dated 3.9.2025. 116 Amended upon the Supervisory Council decision no. 42, dated 3.9.2025. 117 Added upon the Supervisory Council decision no. 42, dated 3.9.2025. 118 Added upon the Supervisory Council decision no.31, dated 30.04.2014. 119 Added upon the Supervisory Council decision no. 42, dated 3.9.2025.

ANNEX NO. 2
(Repealed)120

120 Repealed upon the Supervisory Council decision no. 42, dated 3.9.2025.

ANNEX NO. 3
(Repealed)121

121 Repealed upon the Supervisory Council decision no. 42, dated 3.9.2025.

ANNEX NO. 4
(Repealed)122

122 Added upon the Supervisory Council decision no. 82, dated 14.12.2011 and repealed upon the Supervisory Council decision no. 42, dated 3.9.2025.

ANNEX NO. 5123
PERSONAL DECLARATION ON THE CONDUCTION OF FOREIGN EXCHANGE ACTIVITY ADMINISTRATOR Company __________________________ L.l.c /J.st.c ________________________________________________________________ By this declaration it is aimed the further increase of administrators’ responsibility to carry out their functions, in fully compliance with the legal and/or bylaw obligations, to conduct the foreign exchange activity. I, the undersigned ______, identified by (type of identity document) ______________ no. ________________ and issuance date , place of birth ______________ and residency (address) ___________________________________, being of legal age and in my capacity as administrator of “” company L.l.c/J.st.c, head office (address) _______________________, do hereby willfully and voluntary declare that I am aware and familiar with the responsibilities, requirements and obligations of the legal and/or sub-legal framework that regulates the exercise of foreign exchange activities in the Republic of Albania, and in particular the applicable legal and/or sublegal requirements, but without being limited only to:

Law No. 9917, dated 19.05.2008 “On the prevention of money laundering and terrorism
financing”, as amended, and the bylaws issued for the implementation of this Law and of Law No. 157/2013 “On the measures against terrorism financing”, as amended;
Law No. 112, dated 29.7.2020 “For the beneficiary owners”, as amended;
Law No. 9920/2008 “On tax procedures in the Republic of Albania”, as amended;
Law No. 25/2018 “On accounting and financial statements”, as amended;
Law No. 9662, dated 18.12.2006 “On banks in the Republic of Albania”, as amended;
Regulation No. 31, dated 06.06.2007 “On the licensing, organisation, activity and
supervision of exchange bureaus”, as amended;
Regulation No. 48, dated 2.10.2024 “On minimum security requirements regarding
premises where banking and financial activities are conducted and transportation of monetary values”;
Regulation No. 44, dated 10.06.2009 “On money laundering prevention and terrorism
financing”, as amended.
Sincerely,
Mr/Mrs. _____________________________
Administrator of “______________________” Company L.l.c/J.st.c _________________ (signature/stamp) Note: The acts provided for in paragraph 1 can be found on the official website of the Financial Intelligence Agency (https://fiu.gov.al/) The acts provided for in paragraph 5 to 8 can be found on the official website of the Bank of Albania (www.bankofalbania.org).

123 Added upon the Supervisory Council decision no. 82, dated 14.12.2011 and amended upon the Supervisory Council decision no. 42, dated 3.9.2025.

ANNEX NO. 6124
INFORMATION ON TECHNICAL AND ADMINISTRATIVE EQUIPMENT125

Foreign exchange bureau …..………….…., located at the following address ......................................................, has established the technical-administrative conditions to conduct the foreign exchange activity. The technical-administrative equipment, available to the bureau to conduct the financial activity of foreign exchange, is presented in the following table:
Type of equipment Equipment availability
 Computer, printer and/or their accessories √  Photocopier and/or scanner √  Means of communication ( 126telephone, email) √  Money counter and detector √  Table to publish the exchange rate and commissions (if applicable) √  Standard bill at the bank window √  Outdoor board containing the legal name of the bureau √ The information requested in accordance with Article 6, paragraph 1 “i” of this Regulation may be added even for the additional equipment that the bureau possesses, which help the bureau to conduct the financial activity of foreign exchange127 . Date _______________ Sincerely, Mr/Ms. ________________________ Administrator of the company “__________________________” L.l.c/J.st.c _____________________ (Signature, stamp)

124 Added upon the Supervisory Council decision no. 82, dated 14.12.2011. 125 Amended upon the Supervisory Council decision no.31, dated 30.04.2014. 126 Amended upon the Supervisory Council decision no. 42, dated 3.9.2025. 127 Amended upon the Supervisory Council decision no. 42, dated 3.9.2025.

ANNEX NO. 7
INFORMATION ON THE PREMISES AND SECURITY CONDITIONS The foreign exchange bureau ……................., located at the following address ........................................................, has established the security conditions to conduct the foreign exchange activity as presented in the following table:
Conditions Availability
 The office has the needed premises and adequate conditions to maintain the documentation and the monetary values √  The reception area of the client is clearly separated from the area of cashiers √  The area of cashiers is restricted from the other areas with a bank window √  Monetary values are kept in vaults √  The office is monitored by surveillance-security cameras √  The surveillance-security cameras record continuously and uninterruptedly √  The office is equipped with digital equipment for the recording of images √ The information stipulated in Article 6, paragraph 1 “j” of this Regulation may be valid for the additional equipment that the office has, which help the office to conduct the financial activity of foreign exchange129 . 130The entity shall inform the relevant structures of the Local Police about the address where the offices shall be opened, as well as shall be equipped with a “Security certification”, issued by the Local Police Directorates, for the premises where they conduct their activities, as provided in Article 13, paragraphs 5 and 6 of the Regulation 48/2024 “On the minimum security requirements for premises where banking and financial activities are conducted.” These documents must be available when the Bank conducts the inspection, as provided in paragraph 4, Article 9 of this regulation. Date__________ Sincerely, Mr/Ms Administrator of the company ________________________ __________________________ (Signature, Stamp131)

128 Added upon the Supervisory Council decision no.31, dated 30.04.2014. 129 Amended upon the Supervisory Council decision no. 42, dated 3.9.2025. 130 Added upon the Supervisory Council decision no. 42, dated 3.9.2025. 131 Added upon the Supervisory Council decision no.48, dated 30.03.2016.

ANNEX NO. 8
DECLARATION ABOUT BEING INFORMED IN ADVANCE ON THE APPLIED COMMISSION I hereby declare to have been informed in advance on the commission applied on the following transaction:
Transaction: Exchange from ____________ in ______________ (Currency) (Currency)

Exchange rate ____________
Amount to be exchanged ____________
Amount after the exchange ____________
Retained commission (%) ____________
Retained commission (amount) ____________
FINAL AMOUNTS that the client benefits ____________
Transaction date ____________
Client's signature
(First name, surname, signature)

132 Added upon the Supervisory Council decision no.31, dated 30.04.2014.

133ANNEX NO. 9
STATEMENT
Through which I declare that I have/do not have family relation or close personal, working or business relationship, in accordance with legal stipulations, with persons with criminal convictions by a final court decision. Note: Where 134the shareholder/partner/beneficiary owner/administrator declares that he has family relation or close personal, working or business relationships, in accordance with legal stipulations, with persons with criminal convictions by a final court decision, shall list the names of the persons. I hereby declare that the information provided, is voluntarily presented to the Bank of Albania, by me. Shall further or more detailed information be required by the Bank of Albania, I remain at disposal to provide it. _____________________________________ (Name/Surname of 136the shareholder/ partner/ beneficiary owner/ administrator) _____// (Date) ______________________ (full signature) 137Note: For the purpose of completing this form, family relations with a person will be considered close relatives as defined in Article 4, point 10 of Law no. 9662, dated 18.12.2006 "On banks in the Republic of Albania", which includes: a) children (or adopted children); b) grandchildren; c) spouse; d) parents; e) brothers, sisters, and their children; f) persons under their custody.

133 Added upon Supervisory Council decision, no. 49, dated 3.7.2019. 134 Amended upon the Supervisory Council decision no. 42, dated 3.9.2025. 135 Amended upon the Supervisory Council decision no. 42, dated 3.9.2025. 136 Amended upon the Supervisory Council decision no. 42, dated 3.9.2025. 137 Added upon the Supervisory Council decision no. 42, dated 3.9.2025. No. Name of the person related to 135the shareholder/ partner/beneficiary owner/administrator Specifying the type of the relationship (family or close personal, working or business relationship, in accordance with legal stipulations) Criminal conviction by a final court decision exists (explain the type of conviction) ...

ANNEX NO. 10138
No. ________ Prot. Date: ______________
Subject: List of ERRS System Users
BANK OF ALBANIA
Department of Monetary Operations
Department of Financial Statistics
“Skënderbej” Square, no. 1, Tirana
In the context of automating the reporting of foreign exchange operations to the Bank of Albania through the Electronic Regulatory Reporting System (ERRS), the foreign exchange office ______________________, with License No. ______________, located at _________________________________________________________________, requests the opening of user accounts in this system. The persons authorized by our office as users of the ERRS system are as follows:

_______________________ _________________ in the role of uploader.
(Full name) (email address)
_______________________ __________________ in the role of sender.
(Full name) (email address)
Thank you in advance for your understanding and cooperation.
Sincerely,

(Name, surname, signature)
Company stamp

138 Added upon the Supervisory Council decision no. 42, dated 3.9.2025.

Regulation 31/2007 on Licensing, Organisation, Activity and Supervision of Foreign Exchange Bureaus

Lineage: In force