The Central Bank of the Republic of Kosovo said the Assembly’s approval of amendments to the anti-money laundering and counterterrorist financing law fulfills a key legislative condition for advancing Kosovo’s application to the Single Euro Payments Area. The measure enables the central bank to continue the process begun with its 2024 pre-application. Once the law enters into force, the central bank will issue implementing regulations and finalize technical updates to the application, including changes needed to reflect subsequent developments in European Union legislation. It will then submit the application for review under the relevant European institutions’ procedures and timelines, while continuing preparations with the banking sector to implement SEPA payment schemes. Kosovo’s inclusion in SEPA is estimated to generate annual savings of more than EUR 55 million by making cross-border euro payments faster, easier and cheaper for residents, businesses and the diaspora.
Central Bank of the Republic of Kosovo sets next steps for SEPA application after approval of AML reforms
The Central Bank of the Republic of Kosovo said approval of AML and counterterrorist financing reforms fulfills a key legislative condition for advancing Kosovo’s SEPA application. After the law enters into force, it will issue implementing rules, update and submit the application, while preparing the banking sector for SEPA schemes. Inclusion is estimated to save users more than EUR 55 million annually.