Regulatory Alerts2026-07-03
Added
Regulation on Internal Controls and Internal Audit of Payment Institutions and Electronic Money Institutions
This Regulation establishes mandatory internal control and internal audit requirements for payment institutions and electronic money institutions registered by the Central Bank of the Republic of Kosovo. It mandates the establishment of efficient internal control systems aligned with the nature and risk of activities, covering management oversight, risk assessment, control activities, information systems, and monitoring. The document requires an independent internal audit function with specific competencies, a written charter, and annual plans, while stipulating that the head of internal audit is appointed by the Central Bank and that their dismissal must be reported within seven working days. Violations are subject to corrective measures and administrative penalties under the relevant Central Bank and Payment Services laws, with the Regulation entering into force 15 days after approval.